Massapequa-based school security and software developer IntraLogic Solutions Inc. plans to expand its workforce and operations after receiving venture capital backing from a New York City investment firm.
Post Capital Partners announced it is partnering with IntraLogic’s chief executive Lee Mandel to expand the company’s reach. Mandel will stay on as the company’s CEO.
The firms did not disclose the terms of the investment. According to Nassau County Industrial Development Agency documents, Post Capital purchased a majority interest in InterLogic. Mandel, who retains a minority stake, also retains majority interest in related busines entities IntraLogic Holding Corp., Fast Lane Holding Corp., and sole ownership over LSN Realty.
“We want to be the dominant force when it comes to school security around the country,” Mandel said Thursday. He started the business in the basement of a pasta factory. “We have a significant amount of dealers around the country. We’ll be able to grow the dealer network.”
IntraLogic sells and installs equipment made by others but also develops software that allows hardware, such as surveillance cameras, to automatically notify security personnel of open doors, unusual foot traffic, or other suspicious activity as determined by algorithms.
The company, which has developed facial recognition software, is working on video surveillance software capable of detecting the presence of a weapon an individual may be carrying.
The private company, which has $17 million to $18 million in annual revenue, anticipates hiring 20 or more full-time employees over the next six months, a spokesman said. IntraLogic currently has about 60 employees.
Before the partnership, IntraLogic expanded operations to Florida and Arizona.
“Lee has done a tremendous job of developing advanced technology and software, which has allowed ILS to grow quickly over the years and to fulfill a large security void within these institutions,” Michael Pfeffer, managing director of Post Capital, said in a statement.
Founded in 2004, Post Capital invests in “lower middle-market” companies with revenue of $10 million to $150 million, according to the firm’s website.