Spot AI has raised $40 million in Series B funding to develop its security camera system. The company aims to revolutionize the security camera industry by making CCTVs smarter. Spot AI offers a cloud-based analytics system that “reads” video footage to provide insights on security, safety and operational activities.
The number of CCTVs and other security cameras has more than doubled since 2015, reaching 1 billion devices globally. In many cases, cameras are networked and linked into larger systems where security staff can see the footage. However, that is often where the usage ends, and it is here that Spot AI hopes to spice things up.
It can help you make all sorts of important decisions
Tanuj Thapliyal
“People are using our cameras a lot. If you make the video data more useful and accessible to more people in the workplace, then you transform it from this idea of surveillance to the idea of video intelligence. It can help you make all sorts of important decisions,” Spot AI CEO Tanuj Thapliyal said in an interview with TechCrunch.
Spot AI integrates networked cameras that customers already have with its platform to allow them to read and parse video data. The company also offers free hardware for those who have yet to use security cameras.
Spot AI’s system uses computer vision and other artificial intelligence, both in the cloud and at the edge, to monitor videos across security parameters.
The financing round was led by Scale Venture Partners, with Bessemer Venture Partners, Modern Venture Partners, Redpoint Ventures, Hypergrowth Partners and StepStone Group also investing. In total, Spot AI has received a total of $63 million in funding since its launch in 2021.
Spot AI currently has thousands of users across 17 industries in the United States, including small businesses and major corporations in the manufacturing and retail sectors. It recently reported a fivefold increase in revenue over the last year.
