The artificial intelligence startup Spot Technologies, based in El Salvador, has raised $2 million in funding. The business, which has operations in Chile, is creating cloud technology that enables cameras in logistics and retail spaces to function as intelligent systems for security and behavior monitoring.
(Image Source: https://finance.yahoo.com/)
An investor group including Femsa Ventures, Bridge Latam, Daedalus, Kuiper, and Casque participated in the round.
Co-founder and CEO Julio Abrego emailed TechCrunch that the firm was founded in 2018 to develop computer vision models, algorithms, and modules to improve the video surveillance sector.
Spot’s core product, VisionX, uses deep learning and computer vision technologies to analyze thievery and consumer behavior. Then, it offers more sophisticated features like analyzing age and gender, counting people, detecting regions that aren’t marked, identifying crowd forms, and exploring areas of interest.
Sense Time, BriefCam, AdMobilize, and DeepView are among the businesses Abrego views as competitors in the industry. He claims that Spot’s VisionX technology differs from theirs in a few respects. One is flexibility in integrating video analysis modules through modular integration, which Abrego compared to assembling Lego pieces. Detection is an additional.
Abrego states, “Spot focuses on transforming existing supermarket cameras into cutting-edge tools for detecting consumer behaviors and preventing thefts.” “This dual functionality offers customers significant added value and is unique in the security and consumer behavior analysis fields.”
Spot plans to use the additional funding to develop further VisionX 2.0, which is expected to be released this year. It will involve watching for small-time thefts, thefts in self-checkout sections, violent crimes, and shopping trends.
Walmart is one of Spot’s significant clients; among other things, Spot has implemented VisionX in 450 of its stores and distribution hubs in Chile to streamline dispatch procedures by counting and monitoring pallets.
Walmart intends to integrate VisionX technology into its operations in Mexico and Chile in 2024. Spot is also in discussions with Oxxo, a convenience store company with headquarters in Mexico, about integrating VisionX into its more than 21,000 locations around Latin America.
“We have integrated new functionalities into our SaaS platform, such as theft and human behavior detection,” Abrego stated. Similarly, we have increased our number of programmers from nine to thirty and have plans to reach fifty in terms of talent acquisition. High-level clients like Walmart and Mercado Libre help to sustain this expansion.
In conclusion, Spot Technologies’ recent infusion of $2 million represents a significant milestone for the company and its endeavors in AI security technology. The financial backing positions Spot Technologies to expand its innovative solutions, particularly within the retail sector, with a notable focus on implementing advanced security measures in Walmart stores across Mexico.
As Spot Technologies embarks on this strategic expansion, the successful implementation of AI security tech in Mexico’s Walmart stores signifies a milestone for the company. It exemplifies the increasing global adoption of AI solutions in the retail sector. How this initiative will unfold remains to be seen. Still, the infusion of funds provides Spot Technologies with the resources necessary to make a meaningful impact on AI-driven security technologies in the Mexican retail market.
(Information Source: Techcrunch.com)
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