360Fly Receives Growth Capital Investment From Leading Consumer-Focused Private Equity Firm Catterton Partners To Bring 360 Degree Action Camera To Market
April 02, 2014 --
PITTSBURGH, April 2, 2014 /PRNewswire/ --EyeSee360, creators of the highly anticipated panoramic video camera, 360Fly, today announced a growth capital investment from Catterton Partners, the leading consumer-focused private equity firm. The investment will be used to accelerate market awareness and finalize development of 360Fly cameras, the 360MicroFly smartphone attachment and the 360Fly.com video hosting and sharing service. Terms of the transaction were not disclosed.
The 360Fly is a panoramic video camera that allows users to capture and share an interactive 360 degreepanoramic video. With a field of view (FOV) of360degrees horizontal by 240degrees vertical, the 360Fly's FOV is more than twice that of a traditional POV (Point of View) camera. The 360Fly camera is also shock-proof, waterproof, and has built-in Wi-Fi/Bluetooth functionality. 360Fly's unique yet intuitive design and app interface give users an engaging experience in a never before seen narrative. 360MicroFly is a smartphone lens attachment that puts a spin on traditional video, offering smartphone users the ability to simultaneously record everything around them and share an immersive experience instantly through social media. 360MicroFly attaches to popular smartphones to capture videos that are not only panoramic but interactive, creating engaging scenes and allowing viewers to control what they want to view.
"360Fly gives consumers a unique way to capture and share their experience with the world. We believe this technology will change the way people capture, view and share videos. This is an exciting step in the evolution of camera technology," said Tim O'Neil, CEO of EyeSee360. "EyeSee360 and Catterton share a passion and vision for great consumer products and experiences. Catterton is not only an investor, but a strategic partner that will help position 360Fly in the rapidly evolving consumer camera market."
"Two of the strongest consumer trends are consumers seeking more experiences and consumers becoming content creators," said Michael Farello, a Partner at Catterton. "We believe the 360Fly product is at the intersection of these trends by enabling consumers to capture and share their experiences in a more distinctive manner than any camera on the market today. The product will also have applications for security, sports broadcasting, and many other industry sectors. We look forward to partnering with the exceptional technical team, executive leadership, and distribution partners as EyeSee360 launches its new breakthrough products later this year."
Earlier this year at CES 2014, VOXX Electronics Corporation, a wholly-owned subsidiary of VOXX International Corporation., (NASDAQ: VOXX) announced a distribution partnership to deliver the 360Fly line of panoramic video cameras and software to the market.
The company plans to launch their products this coming summer. To stay updated on 360Fly's progress, please sign up on www.360fly.com.
Catterton's other technology investments include Pong Research, which provides science-based solutions to enhance signal strength, extend battery life, and protect cell phone users from exposure to radiation, SteelSeries, a leading designer and marketer of premium PC gaming peripherals such as headsets, mice and keyboards and TechTurn, a computer and electronics recovery, refurbishing and remarketing company.
EyeSee360 creates products and software for interactive 360 degreevideo experiences. With their newest brand 360Fly, they aim at fundamentally changing the way you record and watch video by capturing life just as you experience it in 360 degrees.
Founded out of Carnegie Mellon University's Robotics Institute, EyeSee360 is the technology leader in single-shot panoramic imaging for both still and video photography. EyeSee360 has decades of experience in robotic vision, image rendering, and software interface development. Although EyeSee360's technology was originally designed for aviation and military use, they now make consumer and broadcast products. EyeSee360 has offices in Pittsburgh and Virginia.
For additional information, please visit our web site at www.360Fly.com.
Like 360Fly on 360Fly Facebook Page or follow on twitter @360Fly.
About Catterton Partners
Catterton Partners is the leading consumer-focused private equity firm with more than $4.0 billion currently under management and a twenty-four year track record of success in building high growth companies. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. Catterton Partners invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Consumer Health, and Media and Marketing Services. Catterton's investments include: Restoration Hardware, Outback Steakhouse, Sweet Leaf Tea, Noodles & Company, PIADA, Bruxie, Frederic Fekkai, Build-A-Bear Workshop, Wellness and Nature's Variety pet food, Kettle Foods, Odwalla and P.F. Chang's, to name a few. More information about Catterton Partners can be found at www.cpequity.com.
About VOXX International Corporation:
VOXX International Corporation (NASDAQ:VOXX) is the new name for Audiovox Corporation, a company that was formed over 45 years ago as Audiovox that has grown into a worldwide leader in many automotive and consumer electronics and accessories categories, as well as premium high-end audio. Through its wholly-owned subsidiaries, VOXX International proudly is recognized as the #1 premium loudspeaker company in the world, and has #1 market positions in automotive video entertainment and remote starts, digital TV tuners and digital antennas. The Company's brands also hold #1 market share for TV remote controls and reception products and leading market positions across a wide-spectrum of other consumer and automotive segments. Among the key domestic brands are Klipsch, RCA,Invision, Jensen, Audiovox, Terk, Acoustic Research, Advent, Code Alarm, CarLink, Excalibur, Prestige, and Pursuit. International brands Hirschmann Car Communication, Jamo, Energy, Mirage, Mac Audio, Magnat, Heco, Schwaiger, Oehlbach and Incaar. For additional information, please visit our Web site at www.voxxintl.com.
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