viisights, a developer of behavioral recognition video analytics with video understanding technology for real-time video intelligence, today announced a $10 million fundraising round led by Israeli VC Hive2040, with the participation of Migdal Insurance and existing investors headed by Firstime Ventures.
viisights will use the proceeds from the fundraising to expand its marketing and sales organization, and to further enhance its product portfolio with new safety capabilities designed primarily for factories, industrial areas, and logistic centers. viisights is planning to expand its fundraising further to establish the company’s core product WISE as a SaaS (Software as a Service) business model.
“We plan to offer customers a behavioral recognition video analytics SaaS solution that does not require investment in infrastructure or hardware other than setting up the cameras in the system,” said Asaf Birenzvieg, viisights CEO and co-founder. “We anticipate that by the end of 2023 more than half of our company’s revenue will come from SaaS services.”
The video analytics market itself is expected to grow to about $4 billion by 2025 according to Omdia.
“This is the future of video analytics; an understanding of what is currently happening or what is about to happen compared to just extracting the objects that exist in an image,” continued Birenzvieg. “The bottom line is that viisights can extract much more information and insights from video content in real-time than any other company, which results in very significant ROI for end-users.”