spot techniques, An El Salvador-based artificial intelligence startup has raised $2 million in funding. The company, which has operations in Chile, is developing cloud technology that turns cameras at retail and logistics sites into an intelligent behavioral analysis and security tracking system.
An investor group including Femsa Ventures, Bridge Latam, Daedalus, Kuiper and Casque participated in the round.
Julio Abrego, co-founder and CEO, and his team started the company in 2018 to develop computer vision models, algorithms and modules to advance the video surveillance industry, Abrego told TechCrunch via email.
Spot’s flagship product, VisionX, leverages deep learning and computer vision technologies to analyze consumer behaviors and theft. It then provides advanced capabilities, including gender and age analysis, people counting, detection in unassigned areas, identifying crowd formations, and analyzing areas of interest.
Abrego considers companies including SenseTime, BriefCam, AdMobilize and DeepView as competitors in this space. However, he says Spot’s VisionX technology differs in several ways. One is the modular integration and versatility to allow for flexible integration of video analysis modules — what Abrego likened to putting Lego pieces together. Another is revelation.
“Spot is focused on turning existing cameras in supermarkets into advanced tools for detecting consumer behaviors and preventing thefts,” Abrego said. “This dual functionality of security and consumer behavior analysis is unique and provides significant added value to customers.”
With the new capital, Spot intends to invest in the development of VisionX 2.0, scheduled for launch this year. It will include detecting minor thefts, thefts in self-checkout areas, violent acts, and analyzing shopping patterns.
One of Spot’s big customers is Walmart, which has deployed VisionX in 450 of its stores and distribution centers in Chile, among other things, to improve dispatch operations through pallet counting and tracking.
In addition to Chile, Walmart plans to implement VisionX technology in its operations in Mexico in 2024. Spot is also talking with Oxxo, a Mexico-based supermarket chain, to integrate VisionX into its more than 21,000 stores across Latin America.
“We have integrated new functionality into our SaaS platform, such as theft detection and human behavior detection,” Abrego said. “Similarly, in terms of talent acquisition, we have grown from nine programmers to 30, and we have plans in our roadmap to expand to 50. This growth is supported by high-profile clients, such as Walmart and Mercado Libre.”