Spot AI, a San Francisco, CA-based developer of AI camera systems, announced that it closed a $40 million Series B funding, bringing its total raised to $62 million.
The round was led by Scale Venture Partners, with participation from existing investors Redpoint Ventures, Bessemer Venture Partners, new investors StepStone Group, and MVP Ventures. Hypergrowth Partners also joins Spot AI as an advisor and investor.
“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 video footage actionable, so businesses can instantly surface and resolve problems. The company’s Intelligent Video Recorder is powered by new silicon and new AI algorithms that enable powerful, responsive, and first-of-its-kind AI applications.
Its modern cloud dashboard allows users to easily access, search and consume insights from their video footage - ranging from operational bottlenecks to unsafe behavior.
Company: Spot AI, Inc.
Raised: $40.0M
Round: Series B
Funding Month: November 2022
Lead Investors: Scale Venture Partners
Additional Investors: Redpoint Ventures, Bessemer Venture Partners, StepStone Group, and MVP Ventures
Company Website: https://www.spot.ai/
Software Category: AI Camera System
About the Company: Founded in 2018 by Tanuj Thapliyal, Rish Gupta, and Sud Bhatija, Spot AI builds a modern AI camera system to create safer workplaces and smarter operations for every organization. The company is on a mission to create a safer and smarter physical world with the power of sight. With an AI camera system, Spot AI makes video footage actionable to help companies improve their security, safety, efficiency, and customer experience. The company grew 5x in revenue YoY, is deployed at thousands of locations across the U.S., and is trusted by leaders across 17 different industries – from local businesses to Fortune 500s. Spot AI’s customers range from businesses in the warehousing and healthcare verticals to nonprofits and car washes. The company’s headquarters are in Burlingame, CA, with offices in San Francisco and Salt Lake City.
Source: https://www.businesswire.com/news/home/20221116006095/en/Spot-AI-Closes-40-Million-Series-B-to-Transform-Data-from-the-World%E2%80%99s-Billion-Business-Cameras-Into-Video-Intelligence