Venture Capital News: Voxel51 Lands $2M Seed Round
ANN ARBOR, MI, Voxel51 today announced that it has closed a $2 million seed round.
Voxel51, the AI startup that is revolutionizing video understanding with its video-first solution that helps users unlock valuable intelligence from videos to make real-time data-driven decisions, today announced that it has closed a $2 million seed round from eLab Ventures. The company also today announced that it has launched its video understanding platform for automotive, smart city and security applications.
Most AI solutions used to analyze video are designed for processing static images, making it difficult to classify behaviors and actions such as walking or running. Uniquely built to process video, Voxel51's computer vision and deep learning models automatically identify and classify actions in video scenes and can comprehend activities and patterns with incredible accuracy. The scalable platform enables customers with large video datasets to search for specific objects, actions and behaviors, and to automatically tag and integrate detected content into their workflows and human-decision making processes.
"While advancements in AI and computer vision have enabled near-human object detection in images, video comprehension is still in its infancy," said Jason Corso, Voxel51 co-founder and CEO. "We are already delivering human-level results, and this funding allows us to push the envelope even further. We will continue to execute on our vision to solve the complexities of video understanding and to improve the speed, accuracy and efficiency of large scale video processing and analysis."
Since the company was founded in 2015, it has completed a number of successful pilots in the automotive, smart city and security spaces. Voxel51 has also recently concluded a $1.25 million grant awarded by the U.S. Commerce Department's National Institute of Standards and Technology (NIST) to develop video analytics for public safety, bringing its total investment to $3.25 million.
Headquartered in Ann Arbor, Michigan and founded in 2016 by University of Michigan professor Dr. Jason Corso and Dr. Brian Moore, Voxel51 is a video-first AI company that created the leading video understanding platform that transforms raw video footage and images into actionable intelligence. Voxel51's AI technology enables users to make real-time, data-driven decisions that improve public safety and security. For more information visit voxel51.com.
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