Spot Technologies, an artificial intelligence startup based in El Salvador, has raised $2 million in funding. The company, with operations in Chile, develops cloud technology that turns cameras in retail and logistics locations into an intelligent security and behavior analysis monitoring system.
A group of investors 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 improve the video surveillance industry, Abrego told TechCrunch via email.
Spot’s flagship product, VisionX, leverages deep learning and computer vision technologies to analyze consumer behavior and theft. It then provides advanced features such as gender and age analysis, people counting, detection in undefined areas, crowd formation recognition and region of interest analysis.
Abrego considers companies such as SenseTime, BriefCam, AdMobilize and DeepView as competitors in the space. However, he says Spot’s VisionX technology differs from them in a few ways. One is the modular integration and flexibility that allows flexible integration of video analytics modules – what Abrego likened to assembling Lego pieces. Another is detection.
“Spot focuses on transforming existing cameras in supermarkets into advanced tools to detect consumer behaviors and prevent theft,” said Abrego. “This dual functionality of security and consumer behavior analysis is unique and provides significant added value to customers.”
With the new capital, Spot plans to invest in the development of VisionX 2.0, which is scheduled for release this year. It will include detection of petty theft, theft in self-service areas, violent acts and analysis of shopping patterns.
One of Spot’s big customers is Walmart, which has deployed VisionX in 450 of its stores and distribution centers in Chile to optimize shipping processes through pallet counting and tracking, among other things.
In addition to Chile, Walmart has plans to implement VisionX technology in its Mexican operations in 2024. Spot is also in talks with Oxxo, a Mexico-based convenience store chain, to integrate VisionX into its more than 21,000 stores throughout Latin America.
“We’ve integrated new features into our SaaS platform, such as theft detection and human behavior detection,” said Abrego. “Similarly, in terms of talent acquisition, we have grown from nine developers to 30 and have plans on our roadmap to expand to 50. This growth is supported by high-profile clients such as Walmart and Mercado Libre.”
