Spot AI announced it has closed a $40 million Series B financing round led by Scale Venture Partners, bringing its total to $62 million in funding. 

Also participating in the round are existing investors Redpoint Ventures, Bessemer Venture Partners, and new investors StepStone Group, and MVP Ventures. Hypergrowth Partners also joins Spot AI as an advisor. 

In the announcement, Spot AI cited the video security industry has recently seen exponential growth, with 2x growth in cameras since 2015 and nearly one billion security cameras sold and installed globally today. Based near San Francisco, Spot AI provides a solution that the company claims can help the millions of businesses deploying these cameras to utilize video intelligence, enabling better decisions around security, workforce safety, and process efficiency. 

“Video is everywhere, and in today’s world, solving problems requires visual context. But as a business owner, you can’t be everywhere at once. So it’s only natural that more organizations today are relying heavily on video intelligence to help drive efficiency and minimize loss,” said Tanuj Thapliyal, co-founder and CEO of Spot AI. “This investment allows us to accelerate our expansion and help businesses continue to unlock the value of video data with industry-first AI products.” 

Spot AI’s system combines cloud and edge computing to make video footage actionable, so businesses can instantly surface and resolve problems. The company says that its Intelligent Video Recorder is enabled by new silicon and new AI algorithms that provide responsive AI applications. 

“The product usage and engagement Spot AI has seen in its customers over the past year since launch is a testament to the unique software they’ve built and the velocity of their product engine,” said Jeremy Kaufmann, Partner at Scale Venture Partners. “There is a massive opportunity here and we’re excited to partner with Spot AI as they continue unlocking the value of video data.” 

Spot AI was launched in fall 2021. The company says that its solution has been deployed at thousands of locations across the United States in numerous industries, from businesses in the warehousing and healthcare verticals, to nonprofits and car washes.