TEL AVIV, Israel—viisights, a developer of unique behavioral recognition video analytics, announced a $10 million fundraising round led by an Israeli VC, Hive2040with participation from Migdal Insurance and existing investors led by Firstime Ventures.
These funds will expand marketing efforts and product enhancements to enter additional target markets and initiate a new SaaS business model.
“We plan to offer customers in multiple target markets unique real-time automated behavior recognition solutions that improve safety and security without requiring CAPEX investments,” said Asaf Birenzvieg, CEO and co-founder of viisights. “We expect that by the end of 2023, more than half of our business revenue will come from SaaS services.”
viisights uses the most advanced AI algorithms available to recognize abnormal behavior and events of special interest, including violent events such as fighting or bullying, and recognition of suspicious activity such as loitering, looting and vandalism, then triggers real-time alerts. Unlike other typical machine learning processes that analyze individual images, viisights analyzes sequences of images to distinguish innocent behaviors such as dancing from problematic behaviors such as fighting.
“It’s the future of video analytics; an understanding of what’s happening right now, or what’s about to happen, versus just extracting what objects exist in an image,” added Birenzvieg, “viisights can extract far more information and insights from video content in real time than any other company, delivering more value to end users.”
viisights offers its products through a growing network of strategic relationships with system integrators and channel partners. The company recently announced partnerships with PSA, the largest organization of systems integrators in the United States, and Cognitiona world leader in security analysis software.
viisights provides solutions for safe and smart cities, educational and corporate campuses, manufacturing facilities, industrial areas, critical infrastructure sites and transportation hubs that need advanced real-time information to better ensure the safety and security of people, property and assets. The video analytics market itself is expected to reach around $4 billion by 2025, according to the latest research from Omdia.
Founded in 2015 by Birenzvieg, Menashe Rothschild (CPO), Amjad Akkawi (CTO) and Simon Polak (Chief Scientist) with Maya Scheyer (VP of BD), viisights employs 31 people in Tel Aviv and New York and eight people in Ukraine.