The company’s AI-based security system recognizes behavior patterns that precede violence and other safety hazards.
Tel Aviv-based video analytics company Viisights today announced a $#nbsp;10 million Series-A fundraising round led by#nbsp;Canadian venture capital firm Awz Ventures, with the participation of#nbsp;Israeli venture capital firm Firstime Ventures, which led the company’s seed round, Maxfield Capital, Altair Ventures, and LETA Capital. The company has raised $#nbsp;12.5 million altogether to#nbsp;date.
Viisights was founded in#nbsp;2015 by#nbsp;its CEO Asaf Birenzvieg, chief product officer Menashe Rothschild, chief technology officer Amjad Akkawi, and chief scientist Simon Polak. The company employs fifteen people at#nbsp;its Tel Aviv offices.
Viisights says that it#nbsp;will use the proceeds from the fundraising to#nbsp;expand its sales organization, establish a#nbsp;global presence, continue to#nbsp;enhance its current products, and develop new solutions. The company offers its products through a#nbsp;growing network of#nbsp;strategic relationships with system integrators and sales channel partnerships, as#nbsp;well as#nbsp;through its direct sales force. The company reports that technology giants, NEC and Motorola Solutions, are already part of#nbsp;the network.
Viisights says that the video analytics market is#nbsp;projected by#nbsp;Allied Market Research to#nbsp;reach $#nbsp;3.9 billion next year and $#nbsp;14.4 billion by#nbsp;2025. "Awz is#nbsp;a#nbsp;believer in#nbsp;Viisights' technology and management team," said Awz Ventures founder and managing partner Yaron Ashkenazi "We view Viisights' behavioural recognition solution as#nbsp;a#nbsp;unique offering within the video analytics market, which has great commercial potential and will make the world a#nbsp;safer place."
"We are excited to#nbsp;rollout our products globally; providing our customers with a#nbsp;safer, more secure, and resource efficient environment leading to#nbsp;a#nbsp;higher quality of#nbsp;life," Birenzvieg said.
Viisights uses artificial intelligence to#nbsp;bring behavioral understanding to#nbsp;video surveillance and practically every video stream. The system "watches" hundreds of#nbsp;hours of#nbsp;video fed into it#nbsp;by#nbsp;its developers, depicting violent incidents, and identifies the patterns to#nbsp;be#nbsp;sought in#nbsp;future videos. Its flagship product, Viisights Wise, offers a#nbsp;wide range of#nbsp;applications, including: violence and weapon recognition, context-related suspicious activity recognition, crowd management, vehicle and traffic surveillance, indoor and outdoor safety (including fire and smoke detection), and resource optimization.
Viisights says that it#nbsp;provides solutions for safe and smart cities, enterprises, campuses, banking and financial institutions, critical infrastructure sites, transportation hubs, and security guard companies. The company has recently demonstrated a#nbsp;new product prototype for in-vehicle occupants monitoring that is#nbsp;designed for use in#nbsp;public transportation, autonomous and ride share vehicles .
While the video analytics market receives criticism due to#nbsp;concerns about privacy violation, and cities like San-Francisco and Oakland have banned facial recognition technology, Viisights says that it#nbsp;has no#nbsp;such problem, since it#nbsp;does not recognize specific individuals, but rather behavioural patterns of#nbsp;interest.
Awz Ventures was established by#nbsp;ex#nbsp;Israel Security Agency (Shin Bet) officer Ashkenazi in#nbsp;2016 as#nbsp;a#nbsp;Canadian hub for investment in#nbsp;cybersecurity, intelligence and physical security AI-based technologies from Israel. It#nbsp;manages $#nbsp;100 million between its first two venture capital funds, and has made early stage investments in#nbsp;14 companies to#nbsp;date. Former prime minister of#nbsp;Canada Stephen Harper is#nbsp;president of#nbsp;its advisory committee and Ed#nbsp;Sonshine is#nbsp;chairman of#nbsp;its board. Its management and advisors also include former senior executives from Israeli and Canadian agencies (Mossad, ISA, CSIS, CAF).
Published by#nbsp;Globes, Israel business news#nbsp;— en.globes.co.il#nbsp;— on#nbsp;November 18, 2019