Spot AI, a Burlingame, CA-based video intelligence company raised $40M in Series B funding.
The round was led by Scale Venture Partners, with participation from Redpoint Ventures, Bessemer Venture Partners, StepStone Group, MVP Ventures, and Hypergrowth Partners.
The company intends to us the funds to accelerate expansion of operations and its business reach, as well as to refine its solutions.
Led by CEO Tanuj Thapliyal, Spot AI provides a system that combines cloud and edge computing to make video footage actionable, so businesses can instantly surface and resolve problems. Its Intelligent Video Recorder is powered by new silicon and new AI algorithms that enables responsive AI applications. Its cloud dashboard allows users to access, search and consume insights from their video footage. Businesses can choose to use cameras they already have, or get them for free from Spot AI.
After its Fall 2021 launch, the company has grown 5x in revenue YoY, being deployed at thousands of locations across the U.S., and used by leaders across 17 different industries – from local businesses to Fortune 500s. Customers range from businesses in the warehousing and healthcare verticals, to nonprofits and car washes.
The company’s headquarters are in Burlingame, CA, with offices in San Francisco and Salt Lake City.