Pascale Nini is a stubborn woman. In 2000, she became the main investor and CEO of the start-up Immervision – a company that designs and develops wide-angle lenses for security cameras, smartphones, laptops, drones and cars – and it wasn’t until 2019 that the company made its first profits. “You must never give up,” the techno entrepreneur emphasizes to this day.
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After selling a DVD distribution company she co-founded in France, Pascale Nini decided to invest in Immervision, a French start-up founded by three engineers working to develop a lens capable of 360 -degree vision can generate.
That was in 2000. In September 2001 we started a first round of financing and it really wasn’t the right time. The entire market collapsed, 75% of startups closed their doors. We took a break and I restarted the business in 2003 by moving to Quebec.
Pascale Nini, CEO of Immervision
After meeting in Marseille with representatives of Investissement Québec and Montréal International, who explained to him the advantages of coming to Québec and in particular taking advantage of the scientific research and experimental development (RD) tax credits, the CEO made her decision.
“The three founding engineers agreed to come to Quebec and I received initial funding from an angel investor in Switzerland. Here I met Dr. Simon Thibault from the National Institute of Optics in Quebec, who came to us by investing and becoming a shareholder of Immervision,” says Pascale Nini.
It was only in 2006 that the company developed its first 360-degree lens and managed to adapt it to video surveillance cameras, getting its first contract with Charles de Gaulle Airport in Paris.
“We started developing lenses and image processing software that we made in China, while developing algorithms to be able to adapt them to all surveillance camera management companies. We license our products and retire royalties,” says the CEO.
It was only from 2009-2010 that Immervision had regular sales without being profitable yet because the market was not yet ready to absorb its technology; There was obviously a time to market.
“In 20 years I have raised more than 60 million mainly from financial angels. I have never approached venture capital firms because they undervalued us,” says Pascale Nini, who has always believed in her company’s technological potential.
An intellectual property company
After video surveillance, Immervision has tackled the market for laptops, tablets and smartphones.
PHOTO MARTIN CHAMBERLAND, THE PRESS
Interview with Pascale Nini
Today we have 12 strategic partners that are part of the Fortune 500. We have Intel and Motorola as customers and we develop optics for their partners such as Lenovo, HP or Dell.
Pascale Nini, CEO of Immervision
Intel has also just ordered a lens from Immervision that enables a 110-degree wide-angle view for PCs, so three or four people can be in the same frame together during a video conference.
The new lens will also come with motion tracking software to facilitate the movement of a participant who wants to make a presentation using spreadsheets.
“We have also developed a new activity in mobility, where we develop products for car manufacturers and drone manufacturers. In 2019 we had very large orders and we booked our first profits. There I am preparing a growth financing of 22 million US dollars with a view to a possible listing on the NASDAQ within two years,” explains the entrepreneur.
As every year, Pascale Nini attended the Consumer Electronics Show in Las Vegas in January, where Immervision showcased its latest advances in in-car camera design and side mirror and vehicle rearview mirror replacement.
The company wants to develop the best vision technologies, make pixels intelligent and go even further with artificial intelligence. It just signed an agreement with drone manufacturer Teal Drones to develop surveillance vision modules for night navigation.
Over the years, Immervision has developed around thirty patent families that it diligently protects.
“We had five lawsuits for patent infringement. We won them all, and some of the companies that have used our technologies are now very good customers, such as LG, with whom we have settled out of court,” emphasizes Ms. Nini.
A new legal battle has just begun with giant Apple, which Immervision accuses of using its wide-angle lens in the manufacture of its latest iPhone 12 and 13, as well as its 2021 iPad Pro, in violation of a non-disclosure agreement signed between the two groups.
“We are an intellectual property company. We design and adapt our technologies to the needs of our customers. Here we are entering a new phase of development. We are still a small company with around thirty employees, mainly opticians and image processors with a PhD, but the next challenge is to grow,” says Pascale Nini.