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Funding will support the growth and expansion of viisights innovative Behavioral Recognition Video Analytics solutions for advanced security, safety and business intelligence applications, and the establishment of a new SaaS business model.  

viisights, a developer of innovative behavioral recognition video analytics with video understanding technology for real-time video intelligence, today announced a $10M fundraising round led by Israeli VC, Hive2040, with the participation of Migdal Insurance and existing investors headed by Firstime Ventures.

Viisights will use the proceeds from the fundraising to expand its marketing and sales organization, and to further enhance its product portfolio with new safety capabilities designed primarily for factories, industrial areas, and logistic centers. viisights is planning to expand its fundraising further to establish the company’s core product WISE as a SaaS (Software as a Service) business model.  

Following the trend of other industries, video surveillance continues to embrace the benefits of the cloud and SaaS solutions. Customers in the private sectors (non-governmental, municipal) are increasingly willing to deploy a real-time video analysis solution as an OPEX (operating expenditure) versus a CAPEX (capital expenditure) providing the service is secure, delivers ROI (return on investment), and maintains content and personal privacy.

“We plan to offer customers a behavioral recognition video analytics SaaS solution that does not require investment in infrastructure or hardware other than setting up the cameras in the system. We anticipate that by the end of 2023 more than half of our company’s revenue will come from SaaS services,” said Asaf Birenzvieg, Viisights CEO & Co-Founder.

Viisights harnesses the power of artificial intelligence to provide behavioral recognition video analytics with powerful understanding technology for a myriad of surveillance applications. The innovative solution identifies, classifies, and alerts system administrators in real-time of abnormal behaviors and events of special interest, including violent events such as fighting or bullying, context-related suspicious activity recognition such as loitering, and crowd detection and civil disobedience analysis to detect activities such as looting and vandalism. The powerful solution autonomously distinguishes innocent behaviors such as dancing and parades from fighting and rioting to help eliminate false alarms.

Event detection and classification is based on unique AI-powered algorithms with deep learning applied to continuous video. Unlike the typical learning processes applied for common object recognition that use individual image processing for training the system, it is not possible to reason exactly what is happening using a single image. Detecting behaviors requires training and analysis of a sequence of images. viisights innovative behavioral recognition video analytics analyze large volumes of live and recorded video data to detect events of interest and events similar to the requested events, which produces a unique signature for each type of event. During real-time streaming, these signatures are then used as a reference to detect the requested events that exhibit similar characteristics.

viisights behavioral recognition video analytics solution is the most advanced on the market today because the system is based on video understanding that identifies behavioral patterns as opposed to most existing systems that are based on static identification and classification of objects within a scene. “This is the future of video analytics; an understanding of what is currently happening or what is about to happen compared to just extracting the objects that exist in an image. The bottom line is that viisights can extract much more information and insights from video content in real-time than any other company, which results in very significant ROI for end-users,” continued Birenzvieg.

viisights offers its products through a growing network of strategic relationships with system integrators and sales channel partners. Recently the company announced partnerships with PSA, the largest system integrators organization in the US, and Cognyte, a global leader in security analytics software. 

viisights provides solutions for safe and smart cities, educational and enterprises campuses, manufacturing facilities, industrial zones, critical infrastructure sites, and transportation hubs that need advanced insights in real-time to better ensure the safety and security of people, property, and assets.  The video analytics market itself is expected to grow to about $4B by 2025 according to the latest Omdia research.

Established in 2015 by Asaf Birenzvieg (CEO), Menashe Rothschild (CPO), Amjad Akkawi (CTO), and Simon Polak (chief scientist) together with Maya Scheyer (VP of BD), viisights employs 31 people in its offices in Tel Aviv and New York and 8 people in Ukraine.