Spot AI secures $40 M Series B funding to accelerate expansion of its AI camera system

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Spot AI secures $40 M Series B funding to accelerate expansion of its AI camera system

Spot AI, a provider of video intelligence technologies, recently announced a $40 million Series B financing round led by Scale Venture Partners to accelerate the company’s expansion. This addition brings Spot AI’s total funding to $62 million. In addition to existing investors, Redpoint Ventures, Bessemer Venture Partners, new investors StepStone Group and MVP Ventures are participating in this round. Also joining Spot AI as an advisor and investor is Hypergrowth Partners.

“This investment allows us to accelerate our expansion and help businesses continue to unlock the value of video data with industry-first AI products,” stated Tanuj Thapliyal, co-founder & CEO of Spot AI.

Founded by engineers from Stanford, Cisco Meraki and Samsara, Spot AI says it’s on a mission to create a safer and smarter physical world with the power of sight. Their AI camera system helps companies improve their security, safety, efficiency and customer experience through actionable video footage.

With approximately one billion security cameras sold and deployed globally, video surveillance is growing. Spot AI’s Intelligent Video Recorder leverages cloud and edge computing to make video footage actionable. This technology allows businesses to instantly surface and resolve problems with powerful, responsive, unique AI applications, the company says.

“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,” added Thapliyal.

The company says the company’s Intelligent Video Recorder enables responsive AI applications. It captures video from all deployed cameras and the edge computers are AI-enhanced and work to read, categorize, and turn video footage into searchable data through Spot AI’s interface. This cloud-based dashboard can quickly find and use insightful information from the video footage, including operational issues and unsafe behavior. Businesses can use cameras they already have or get 5MP, IP-based cameras for free from Spot AI.

Jeremy Kaufmann, a partner at Scale Venture Partners, commented on the investment. “The growth of Spot AI’s customer base since its Fall 2021 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,” he said.

Spot AI says it has grown 5x in revenue YoY. It is now deployed at thousands of locations across the US, trusted by leaders in 17 different industries, from local businesses to non-profits to Fortune 500s to the healthcare sector. Their customers range from Fortune 500 companies to more local businesses such as car washes.

Josh Davis, Lead IT Tech at Quick Quack Car Wash commented on the company’s user-friendly solution, “When looking to install a security camera system, we wanted a user-friendly solution to help us leverage our video data to improve our operations while reducing IT support overhead. Spot AI is all those things for us.”

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