Investors backing unique behavioral recognition solutions and evolving business model
viisights, a developer of unique behavioral recognition video analytics, today announced a $10M fundraising round led by Israeli VC, Hive2040, with the participation of Migdal Insurance and existing investors headed by Firstime Ventures. These funds will expand marketing efforts and product enhancements to penetrate additional target markets, and initiate a new SaaS business model.
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“We plan to offer customers in multiple target markets unique real-time automated behavior recognition solutions that improve safety and security without requiring CAPEX investments. We anticipate that by the end of 2023 more than half of our company’s revenue will come from SaaS services,” said Asaf Birenzvieg, viisights CEO and Co-Founder.
viisights uses the most advanced AI-powered algorithms available to recognize abnormal behaviors and events of special interest, including violent events such as fighting or bullying, and suspicious activity recognition such as loitering, looting and vandalism, and then raises real-time alerts. Unlike other typical machine learning processes that analyze individual images, viisights analyzes sequences of images to distinguish innocent behaviors such as dancing from problem behaviors such as fighting.
“This is the future of video analytics; an understanding of what is currently happening or what is about to happen – compared to just extracting the objects that exist in an image,” continued Birenzvieg. “viisights can extract much more information and insights from video content in real-time than any other company, delivering more value for end-users.”
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viisights offers its products through a growing network of strategic relationships with system integrators and sales channel partners. Recently the company announced partnerships with PSA, the largest system integrators organization in the US, and Cognyte, a global leader in security analytics software.
viisights provides solutions for safe and smart cities, educational and enterprise campuses, manufacturing facilities, industrial zones, critical infrastructure sites, and transportation hubs that need advanced insights in real time to better ensure the safety and security of people, property, and assets. The video analytics market itself is expected to grow to about $4B by 2025, according to the latest Omdia research.
Established in 2015 by Asaf Birenzvieg (CEO), Menashe Rothschild (CPO), Amjad Akkawi (CTO), and Simon Polak (chief scientist) together with Maya Scheyer (VP of BD), viisights employs 31 people in Tel Aviv and New York and 8 people in Ukraine.
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