SALT LAKE CITY, June 14, 2022 (GLOBE NEWSWIRE) -- LiveView Technologies (LVT), the leader in intelligent safety and security ecosystems, today announced that it has raised $50M in Series B funding in collaboration with growth investment firm Sorenson Capital. The company’s recurring revenue has grown 133% in the last year, and averaged over 100% in the last five years. Sorenson was joined by The Larry H. Miller Group and previous investment partners, Lead Edge Capital and Pelion Venture Partners. Rob Rueckert, Partner at Sorenson Capital, will join LVT’s Board of Directors.
LVT’s user-friendly, enterprise-grade solutions quickly secure any physical environment using intelligent automation and actionable, real-time data. With demand for LVT’s rapidly deployable commercial security systems increasing across both public and private sectors, the company has grown 514% from last year's valuation. LVT will use the funds to power even more advanced product research and development, continue recruiting top technical, manufacturing, and business talent, and drive expansion into the international security market.
LVT customers like the Kansas City Chiefs, Marathon Oil, the City of Camden, and thousands more use its proprietary systems to ensure public, employee, customer, and facility safety. With active discovery, deterrence, and defense, LVT customers see a more than 60% reduction in violent crimes on their properties. Just the physical presence and visibility of LVT’s on-site security towers outside retail locations have helped many customers reduce theft by over 65%, and theft-related shrink costs by more than 85%.
“LVT doesn’t just record incidents, they help prevent and deter them entirely,” said Mike Lamb, Vice President Asset Protection & Safety at Kroger. “They are currently supporting one retail location that averaged 15 incidents of gun violence per year. Since partnering with LVT over a year ago, it dropped to zero. For Asset Protection leaders, this is the most important outcome because employee and customer safety is our top priority.”
“LVT’s mission is to make the entire world safer and more secure. While theft-related savings and real-time site awareness are a significant benefit for many of our customers, preventing violent crime and saving lives are the most important goals of our company, and at the forefront of everything we do,” said LVT Co-founder and CEO, Ryan Porter. “Our accelerated growth is a testament to the solutions we work tirelessly to provide, the value we place on forging strong partnerships with our customers every day, and the belief that we are realizing our mission one safer community at a time.”
While LVT’s solar-powered trailers with mounted cameras have become a common sight across the country at big-box retailers and construction sites, they are used far beyond these traditional commercial environments. Various public and private sector customers currently deploy LVT systems for a wide range of use cases, from enhancing visitor safety with remote visibility into traffic and weather conditions in Yellowstone National Park, to increasing visitor and parking lot security at professional sports stadiums and entertainment venues, to monitoring for unidentified aircraft with autonomous alerts for real-time situational awareness, and more. In the last year alone, LVT has supported customers by reducing grab-and-go theft at specific retail locations by up to 69%, saved the City of Camden $4M in cleanup costs by deterring illegal dumping, and assisted the Miami Police Department in the identification and arrest of a serial killer. With more than 6,000 security units in use and growing daily, LVT protects over 2.5B sq/ft of property around the globe.
“LVT prevents crime and saves lives, period. You simply don’t get the opportunity to partner with a company like that very often,” said Rob Rueckert, Partner at Sorenson Capital. “Their unique technologies are found on the properties of small retailers up to Fortune 100 companies, they are serious about 100% customer satisfaction, and they never stop innovating. You can see their direct impact across various industries, and we are excited to support LVT as they expand even further into the global market.”
About LiveView Technologies (LVT)
LVT is an enterprise Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solution for remote live video, safety, surveillance, IoT, and analytics gathering, processing, and delivery. LVT is trusted by some of the largest and most well-known organizations in the world to keep their properties protected and their employees and customers safe. For more information visit www.lvt.com.
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