Spot Technologies, an El Salvador-based AI startup, has successfully raised $2 million in funding. Operating in Chile as well, the company specializes in developing cloud technology that transforms cameras in retail and logistics settings into an intelligent system capable of behavior analysis and security monitoring.
The funding round witnessed participation from a diverse investor group, including Femsa Ventures, Bridge Latam, Daedalus, Kuiper, and Casque.
Founded in 2018 by Julio Abrego, the CEO, Spot Technologies focuses on creating models, algorithms, and modules for computer vision to elevate the capabilities of the video surveillance industry, Abrego explained in an email to TechCrunch.
Spot’s leading product, VisionX, harnesses the power of deep learning and computer vision technologies to analyze consumer behavior and identify potential theft. It offers advanced features such as gender and age analysis, people counting, detection in restricted areas, crowd formation identification, and analysis of points of interest. The successful funding round positions Spot Technologies to extend its innovative AI security solutions to Walmart stores throughout Mexico.
Abrego identifies competitors such as SenseTime, BriefCam, AdMobilize, and DeepView in the field. However, he emphasizes that Spot’s VisionX technology stands out in several aspects. Notably, its modular integration and versatility allow for the flexible incorporation of video analysis modules, akin to assembling Lego pieces. Another distinctive feature is its focus on detection.
Abrego explained, “Spot focuses on transforming existing cameras in supermarkets into advanced tools for detecting consumer behaviors and preventing thefts. This dual functionality of security and consumer behavior analysis is unique and provides significant added value to customers.”
The recently secured capital will be channeled into the development of VisionX 2.0, set to be launched later this year. The enhanced version will include capabilities for detecting minor thefts, thefts in self-checkout areas, identifying violent actions, and analyzing shopping patterns.
Walmart stands out as a significant client for Spot Technologies, having deployed VisionX in 450 of its stores and distribution centers in Chile. The implementation serves various purposes, including optimizing dispatch processes through the pallet counting and tracking feature. Beyond Chile, Walmart is poised to introduce VisionX technology into its operations in Mexico during 2024. Spot is actively engaged in discussions with Oxxo, a chain of convenience stores based in Mexico, aiming to integrate VisionX across its expansive network of over 21,000 stores throughout Latin America.
Abrego highlighted the incorporation of new functionalities into their Software as a Service (SaaS) platform, specifically focusing on theft detection and human behavior analysis. Furthermore, Spot’s talent acquisition strategy has witnessed substantial growth, expanding from a team of nine programmers to 30, with plans to reach 50. This expansion aligns with the company’s roadmap and is fueled by partnerships with esteemed clients such as Walmart and Mercado Libre.