11/17/2022
Today, a startup called Spot AI that’s built a system to help answer that question at least in part — it provides a cloud-based analytics system that “reads” that footage to get insights about not just security, but also safety and operational activity — is announcing $40 million in funding to grow.
Scale Venture Partners is leading the round, with past backers Redpoint Ventures, Bessemer Venture Partners, and new investors StepStone Group and Modern Venture Partners also investing. This brings the total raised by Spot AI to $63 million. Spot AI, appropriately for a security camera company, existed in stealth for years before it came out into the public in 2021: at that point it had already raised $22 million.
As with that round, Spot AI is not disclosing its valuation, but Tanuj Thapliyal, Spot AI’s CEO, noted that it is a “significant up-round” based on the fact that in the last 12 months, the startup’s revenues have grown fivefold, and that customers — it has “thousands” in the U.S., both small businesses and large enterprises across some 17 industries, which aren’t really those that include “knowledge workers” per se but businesses in areas like manufacturing and retail that have critical physical components and a lot of activity — have tripled in the same period. Its customers have included SpaceX, transportation company Cheeseman, Mixt and Northland Cold Storage.
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