Company’s Tech Launches New Era of Video Intelligence, Announces $22 Million Series A from Redpoint Ventures and Bessemer Venture Partners
Spot AI officially launched with a goal to provide every person in any business access to video intelligence, a tool that enables better decisions around security, workforce safety, and process efficiency.
The company also announced it has closed a Series A round of financing led by Redpoint Ventures with participation from Bessemer Venture Partners earlier this year, bringing its total funding to $22 million. The funding comes off the heels of explosive growth for Spot AI, which after a year in market, has hundreds of customers and thousands of users, tripling bookings quarter-over-quarter.
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“There is a flood of new users and companies driving daily decisions using their cameras. In an industry crowded with legacy vendors, Spot AI’s software-focused model is by far the simplest choice for customers”
Today, tens of millions of cameras are installed in businesses across the US, recording billions of gigabytes of video data. These cameras look at rich visual context of what’s going on at work, and a flood of users – from security, to safety and operations teams – struggle to use these systems to know what’s happening around them. Accessing this video is hard and these systems weren’t designed for daily use and collaboration. Searching for footage can take hours, and sharing it often involves outdated methods like USB sticks.
Spot AI has built an easy-to-use AI camera system to help businesses operate based on visual context instead of hear-say. With video intelligence, operations is able to figure out exactly why the conveyor belt suddenly stopped, safety is able to root cause the slip-and-fall of the new hire, and security is able to quickly discover how all the copper was stolen off the roof the night before. When everyone inside the business has easy access to video, it’s no longer just a security tool, it becomes a platform to improve company-wide operations.
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“At Spot AI we are on a mission to transform people’s relationship with their cameras from this old, hardware-centric category of surveillance to this new, software-centric era of video intelligence that changes how people think about and use video on the factory floor, the assembly line, and in any workplace,” said Tanuj Thapliyal, Co-Founder & CEO of Spot AI. “Key to this new category of video intelligence is making it easy for everyone inside the business to access video so that it becomes a tool for driving useful insights, enhancing collaboration, and maximizing individual and team potential. We looked at the entire customer journey – from purchasing, through product, and through support – and we worked to design the most simple experience possible for the customer.”
Businesses can choose to use cameras they already have, or get them for free from Spot AI. Leveraging cutting-edge AI chip technology built into the platform, users can easily access, identify and mark important regions to become easily searchable (i.e. loading docks in a warehouse) from their phone, tablet or desktop. The cameras capture physical operations of the business, while Spot AI’s software enables users to interact, collaborate, and extract business insights from the video, resulting in directly improving operating procedures. Video streaming, networking, cloud, and AI technology are bundled into a simple experience that anyone can install and use in minutes.
“There is a flood of new users and companies driving daily decisions using their cameras. In an industry crowded with legacy vendors, Spot AI’s software-focused model is by far the simplest choice for customers,” said Tomasz Tunguz, Managing Director at Redpoint Ventures.
“Today, only the world’s biggest businesses have access to proprietary AI camera systems, while most small and midsize businesses are left behind,” said Byron Deeter, Partner at Bessemer Venture Partners. “Spot AI’s easy-to-use technology is accelerating the consumption of video data across all businesses, big and small.”
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