El Salvador-based AI startup, Spot Technologies, has successfully raised $2 million in recent funding to further develop its cloud technology aimed at transforming cameras in retail and logistics locations into intelligent systems for behavior analysis and security.
Investors Backing Spot Technologies
Funded by a solid group of investors, that includes Femsa Ventures, Bridge Latam, Daedalus, Kuiper, and Casque, all participated in the recent funding round. Spot Technologies, with operations in Chile, plans to utilize the capital to enhance its flagship product, VisionX, which leverages deep learning and computer vision technologies.
Evolution of VisionX
Founded in 2018 by Julio Abrego, Spot Technologies is a growing startup focuses on developing models, algorithms, and modules for computer vision to revolutionize the video surveillance industry. VisionX, Spot’s flagship product, stands out by providing advanced capabilities such as gender and age analysis, people counting, detection in undesignated areas, identification of crowd formations, and analysis of areas of interest.
Differentiation in the Market
Julio Abrego identifies competitors like SenseTime, BriefCam, AdMobilize, and DeepView but highlights Spot’s unique features. VisionX offers modular integration, allowing flexible incorporation of video analysis modules, akin to assembling Lego pieces. Furthermore, Spot emphasizes dual functionality, transforming existing cameras into advanced tools for both detecting consumer behaviors and preventing theft.
Strategic Partnership with Walmart and Expansion Plans
One of Spot’s significant customers is Walmart, with VisionX deployed in 450 stores and distribution centers in Chile. Their technology optimizes dispatch processes through pallet counting and tracking. Walmart intends to implement VisionX in its Mexican operations in 2024. Spot is also in discussions with Oxxo, a Mexico-based convenience store chain, for VisionX integration in over 21,000 stores across Latin America.
Future Development with VisionX 2.0
The newly secured funding will be invested in the development of VisionX 2.0, slated for launch this year. The updated version will include features such as detecting minor thefts, thefts in self-checkout areas, violent actions, and analysis of shopping patterns.
Julio Abrego emphasizes Spot’s growth, citing an increase in talent acquisition from nine programmers to 30, with plans to expand to 50. This growth is attributed to high-level clients like Walmart and Mercado Libre, demonstrating the impact of Spot’s innovative AI SaaS platform in the landscape of retail security.