Richie McBride and Robin Iddon raised the money from the Panoramic Growth Equity investment firm ahead of a global sales push by their Edesix business.
The Edinburgh-based company expects to capitalise on booming demand around the world for video equipment that can be used for law enforcement and to help protect people working on their own in potentially risky situations.
Founded by Mr McBride and Mr Iddon in 2002, Edesix has developed a range of products that includes the VideoBadge, based on an ID card holder.
Edesix says the unit securely records eight hours of evidential quality video and audio, with 16 hours on standby.
The company's customers include Police Scotland, Cambridgeshire Police and private security giant G4S.
The firm has 12 employees. Chief executive Mr McBride said: "Our ambition is to become the market leader in secure body-worn video devices worldwide."
The funding provided by Panoramic will help the company make the most of the opportunities that will be created by the roll out of 4G communications networks. Edesix has developed systems that can connect large numbers of people fitted with cameras to central facilities.
David Wilson of Panoramic Growth Equity who joins the Edesix board, said:
"Edesix is a great example of a young, technologically advanced business which has tapped into a nascent market with enormous growth potential."
He added: "The team at Edesix has a great track record of having built and sold businesses in the past and we look forward to working with them to create another success story for British technology."
Mr McBride and Mr Iddon previously helped build a notable Scottish technology success story after working for another one.
The two men were founders of Axon Networks, which was sold to 3Com for $65 million in 1996.
Before starting Axon they worked together at computer networking pioneer Spider Systems, which was acquired by Shiva Corporation in 1995.
Panoramic Growth Equity is taking a minority stake in Edesix.
It invests in firms with turnover greate than £1m.
Founded in 2009, Panoramic has offices in Glasgow and London. The firm raised a £34m fund to back small companies in 2010.