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Spot AI closes $40 million funding round

Spot AI closes $40 million funding round

SAN FRANCISCO – Spot AI has announced it just closed a $40 million Series B funding round led by Scale Venture Partners to transform data from the world’s security cameras into video intelligence.

This recent round of funding brings the company’s total to $62 million. Other participants in the round were existing investors Bessemer Venture Partners, Redpoint Ventures, and newer investors MVP Ventures, StepStone Group, and Hypergrowth Partners. Spot AI plans to use the money to provide their video solution to the nearly one billion security cameras that have been sold since 2015.

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

Spot AI’s system combines cloud and edge computing to make actionable video footage for businesses so that can instantly surface and resolve problems. The Intelligent Video Recorder is powered by new AI algorithms that enable what Spot AI calls powerful, responsive, and first of its kind AI applications. “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,” said Jeremy Kaufmann, Partner at Scale Venture Partners. “There is a massive opportunity here and we’re excited to partner with Spot AI as they continue unlocking the value of video data.”

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