TL;DR:
- Spot Technologies, an AI startup based in El Salvador, has raised $2 million in funding.
- The company’s flagship product, VisionX, utilizes computer vision and deep learning to analyze consumer and theft behaviors.
- Spot Technologies plans to launch VisionX 2.0 with enhanced capabilities, including theft detection and shopping pattern analysis.
- Walmart, with 450 deployments in Chile, is one of Spot’s major clients, and the company aims to expand its technology to Walmart’s operations in Mexico.
- Discussions are underway with Oxxo, a chain of convenience stores in Latin America, for potential integration.
- The company has grown significantly, both in terms of product offerings and talent acquisition.
Main AI News:
Spot Technologies, a cutting-edge AI startup based in El Salvador, has successfully raised $2 million in funding, with a mission to revolutionize security technology across retail and logistics sectors. Operating not only in El Salvador but also in Chile, Spot Technologies is dedicated to developing innovative cloud technology that transforms ordinary surveillance cameras into intelligent systems capable of behavior analysis and enhanced security measures.
This recent funding round garnered support from a prominent investor group, including Femsa Ventures, Bridge Latam, Daedalus, Kuiper, and Casque, underlining the growing confidence in Spot Technologies’ vision.
Julio Abrego, co-founder and CEO of Spot Technologies, initiated this venture in 2018 with a clear goal: to pioneer models, algorithms, and modules for computer vision, thereby reshaping the landscape of video surveillance. In a recent interview with TechCrunch, Abrego emphasized the core mission of the company.
“Spot Technologies is committed to advancing computer vision through its flagship product, VisionX,” he stated. VisionX leverages deep learning and cutting-edge computer vision technologies to provide a comprehensive analysis of consumer and theft behaviors. Its feature set includes gender and age analysis, people counting, detection in undesignated areas, and precise identification of crowd formations and areas of interest.
While Abrego acknowledges companies like SenseTime, BriefCam, AdMobilize, and DeepView as competitors in this space, he asserts that Spot Technologies’ VisionX technology stands out due to its unique features. One key distinction is the modular integration and versatility, allowing for flexible integration of video analysis modules – a concept akin to assembling Lego pieces. Another crucial aspect is detection.
“Spot Technologies focuses on transforming existing cameras in supermarkets into advanced tools for detecting consumer behaviors and preventing thefts,” Abrego explained. “This dual functionality of security and consumer behavior analysis is unique and provides significant added value to our customers.”
With the newly secured capital, Spot Technologies aims to fuel the development of VisionX 2.0, set to launch this year. This upgraded version will introduce additional capabilities, such as detecting minor thefts, monitoring self-checkout areas for theft, identifying violent actions, and offering in-depth analysis of shopping patterns.
Walmart, one of Spot Technologies’ prominent clients, has already deployed VisionX in 450 of its stores and distribution centers across Chile. This deployment has not only optimized dispatch processes but also enabled efficient pallet counting and tracking.
Beyond Chile, Walmart plans to expand the use of VisionX technology in its operations in Mexico in 2024. Spot Technologies is also in discussions with Oxxo, a Mexico-based chain of convenience stores, to integrate VisionX into over 21,000 stores throughout Latin America.
Abrego further highlighted the company’s progress, stating, “We have integrated new functionalities into our SaaS platform, such as theft detection and human behavior detection. Similarly, in terms of talent acquisition, we have grown from having nine programmers to 30, with plans in our roadmap to expand to 50. This growth is supported by high-level clients, like Walmart and Mercado Libre“.
Conclusion:
Spot Technologies’ successful funding and expansion efforts signify a growing demand for advanced AI security solutions in the Latin American market. With its innovative VisionX technology, the company is poised to transform surveillance and security measures, enhancing consumer experience and preventing theft. This expansion into major retail chains like Walmart and potential collaborations with Oxxo demonstrate the increasing relevance of AI-powered security solutions in the region. Businesses in Latin America should take note of these developments as they reflect a broader trend toward technology-driven security enhancements in the retail and logistics sectors.
