The modern AI camera system maker aims to transform data from business cameras into video intelligence and accelerate its expansion
Video intelligence company Spot AI recently announced that it has raised a sum of $40 million in its Series B funding round. Led by Scale Venture Partners, the financing round saw the participation from existing investors Redpoint Ventures, Bessemer Venture Partners, and new investors StepStone Group, and MVP Ventures. The company aims to utilize the funds to transform data from business cameras into video intelligence. It also noted that Hypergrowth Partners joined Spot AI as an advisor.
According to Spot AI, the video security industry has recently seen exponential growth – with 2x growth in cameras since 2015, around one billion security cameras have been sold and installed in the world till now. Spot AI claims to provide a solution that can help the millions of businesses deploying these cameras to utilize video intelligence, enabling better decisions around security, workforce safety, and process efficiency.
Tanuj Thapliyal, Co-Founder & CEO of Spot AI said: “Video is everywhere, and in today’s world, solving problems requires visual context. But as a business owner, you can’t be everywhere at once. So it’s only natural that more organizations today are relying heavily on video intelligence to help drive efficiency and minimize loss.” Commenting on the latest funding, Thapliyal said, “This investment allows us to accelerate our expansion and help businesses continue to unlock the value of video data with industry-first AI products.”
Jeremy Kaufmann from Scale Venture Partners, which has totally invested $62 million in the company so far, said: “The product usage and engagement Spot AI has seen in its customers over the past year since launch is a testament to the unique software they’ve built and the velocity of their product engine. There is a massive opportunity here and we’re excited to partner with Spot AI as they continue unlocking the value of video data.”
California-headquartered Spot AI was established in 2018 by three engineer friends from Stanford—Tanuj, Rish and Sud—to create a safer and smarter physical world with the power of sight. With an AI camera system, Spot AI makes video footage actionable to help companies improve their security, safety, efficiency and customer experience. Spot AI’s customers range from businesses in the warehousing and healthcare verticals to nonprofits and car washes.