Spot AI’s technology can help improve workplace safety
Most people have got used to video cameras passively monitoring their homes and their workplaces, but what if those cameras could actually take action on our behalf – to keep us safe and secure, for example? That’s the promise of San Francisco-based scale-up Spot AI, which will today announce it has successfully completed a $31 million funding round.
“Most artificial intelligence is digital technology that just sits on a computer or another device,” says Rish Gupta, CEO of Spot AI. “We’re taking AI into the physical realm for the first time.”
What he means is that Spot AI’s technology is capable of analysing video pictures, deciding how to respond accordingly, and then putting that decision into practice. In a factory setting, for example, that might mean deciding that a fork-lift truck driver is getting too close to another worker – and braking the truck automatically. In retail, it might mean realising that a customer is approaching a counter in order to pay but that there isn’t a sales assistant ready and waiting, and mobilising help accordingly. Elsewhere, it might mean noting that an unauthorised individual is trying to access a site or property; that might trigger action such as turning on lights, waning the intruder off via a loudspeaker, or alerting the police.
“We’re betting our company on our ability to turn video cameras into AI teammates,” Gupta says. “Most cameras are dumb, but our technology turns them into powerful tools that can enhance security, strength safety and improve operations.”
Spot AI’s technology builds on the principle of large language models, with its software learning from existing video so that it can infer context when presented with new pictures and act accordingly. “Cameras have always had eyes, but now we’re equipping them with a brain to analyse what they see and with hands so they can act on it,” Gupta says.
Users don’t even have to buy new equipment. Spot AI’s tools will work on video streamed from any IP camera – that is, any camera that can send footage over the internet or a local area network. Customers get just one bit of hardware – a box capable of processing the video data so that their existing networks don’t have to contend with managing huge amounts data.
Importantly, customers are also in control of how the tool responds to any given situation – and can iterate that over time as they become more comfortable with the technology. Initially, say, they might just set up the system to sound an alert when it sees a particular event happening – an impending accident, for example. Over time, the set-up might progress to more active interventions such as automatically braking a vehicle.
Since raising its first investment round four years ago, the company has grown rapidly. It now has 1,000 customers, spread across sectors such as manufacturing, automotive and education – where school leaders use it to keep students safe – and revenues have increased 10 times’ over the past two years.
Many of those customers are enthusiastic about the results they’re getting. “Spot AI led us from having a video surveillance system to fully leveraging video AI to drive business results,” says Cornel Stewart, an engineer at industrial foam manufacturer Elite Comfort Solutions. “Not only have we seen a reduction in injuries and incidents, but the system’s ability to identify potential hazards has allowed us to address issues before they escalate.”
Prior to the funding announced today, Spot AI had raised $62 million of capital, with its early investors all participating in subsequent rounds. Today’s Series B funding is led by a strategic partner, Qualcomm Ventures, with new investors including GSBackers, MVP Ventures, and Cheyenne Ventures. Spot AI’s existing shareholders, Scale Venture Partners, StepStone Group, Redpoint Ventures and Bessemer Venture Partners have all added to their stakes too.
Tushar Gupta, senior director of Qualcomm Ventures at Qualcomm Technologies, says Spot AI’s technology is closely aligned to its own vision of how AI will solve real-world challenges. “We’re excited to invest in Spot AI as it executes on its mission to transform video signals into a powerful tool for industries around the globe,” Gupta says. “Spot AI’s solutions help businesses quickly generate insights from customers’ video feeds, turning them into a valuable resource that improves safety, security, and day-to-day operations.”
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