viisights, a developer of unique behavioural recognition video analytics, has announced a US$ 10 million fundraising round, led by Israeli VC firm - Hive2040, with the participation of Migdal Insurance and existing investors, headed by Firstime Ventures. These funds will expand marketing efforts and product enhancements for viisights, in order to penetrate additional target markets, and initiate a new SaaS business model.
Asaf Birenzvieg, the Chief Executive Officer (CEO) and Co-Founder at viisights, said “We plan to offer customers, in multiple target markets, unique real-time automated behaviour 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.”
Automated behaviour recognition solutions
viisights uses the most advanced AI-powered algorithms available to recognise abnormal behaviours
viisights uses the most advanced AI-powered algorithms available to recognise abnormal behaviours 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 analyse individual images, viisights analyses sequences of images to distinguish innocent behaviours, such as dancing from problem behaviours, 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,” said Asaf Birenzvieg, adding “viisights can extract much more information and insights from video content in real-time, than any other company, delivering more value for end-users.”
Partnership with PSA and Cognyte
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 Security Network (PSA), the largest system integrators organisation in the USA and Cognyte, a globally renowned company 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, in order to better ensure the safety and security of people, property, and assets.
Fast growing video analytics market
The video analytics market itself is expected to grow to about US$ 4 billion by 2025, according to the latest Omdia research.
Established in 2015, viisights was founded by Asaf Birenzvieg (CEO), Menashe Rothschild (Chief Product Officer - CPO), Amjad Akkawi (Chief Technology Officer - CTO), and Simon Polak (Chief Scientist), together with Maya Scheyer (Vice President of Business Development), and employs 31 people in its offices in Tel Aviv, Israel and New York, USA and 8 people in Ukraine.