El Salvador-based AI startup, Spot Technologies, has successfully secured $2 million in funding to bolster the development of its innovative cloud technology. The company, with active operations in Chile, specializes in transforming standard cameras in retail and logistics settings into intelligent systems capable of behavior analysis and security monitoring.
The funding round attracted participation from a notable investor group, featuring prominent names such as Femsa Ventures, Bridge Latam, Daedalus, Kuiper, and Casque.
Founded in 2018 by Julio Abrego, the co-founder and CEO, Spot Technologies focuses on developing cutting-edge models, algorithms, and modules for computer vision. The primary aim is to revolutionize the video surveillance industry by enhancing capabilities and introducing advanced features.
Spot’s flagship product, VisionX, leverages deep learning and computer vision technologies to analyze consumer and theft behaviors. Notable features include gender and age analysis, people counting, detection in undesignated areas, identification of crowd formations, and analysis of areas of interest.
Abrego identifies key competitors in the space, including SenseTime, BriefCam, AdMobilize, and DeepView. However, he highlights Spot’s unique selling points, such as modular integration and versatility for flexible video analysis module integration, akin to assembling Lego pieces. Spot’s emphasis on transforming existing cameras into advanced tools for both security and consumer behavior analysis is a distinctive feature.
With the fresh infusion of capital, Spot Technologies plans to invest in the development of VisionX 2.0, scheduled for launch later this year. The upgraded version will include advanced features such as the detection of minor thefts, thefts in self-checkout areas, violent actions, and analysis of shopping patterns.
Walmart stands out as one of Spot’s major clients, having deployed VisionX in 450 of its stores and distribution centers in Chile. The technology optimizes dispatch processes through pallet counting and tracking. Beyond Chile, Walmart intends to implement VisionX in its operations in Mexico in 2024. Spot is also in talks with Oxxo, a Mexico-based convenience store chain, to integrate VisionX into its more than 21,000 stores across Latin America.
Abrego expressed the company’s commitment to growth, citing the integration of new functionalities into the SaaS platform, talent acquisition, and plans to expand the team from nine to 50 programmers. The expansion is supported by high-profile clients, including Walmart and Mercado Libre.
Spot Technologies continues to carve its niche in the AI-driven retail security space, offering unique solutions that blend security and consumer behavior analysis seamlessly
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