Viisights raises $10m funds for new SaaS business strategy

Tel-Aviv, Israel and New York, NY

Viisights, a developer of unique behavioural recognition video analytics, has succeeded in securing $10M in a fundraising round led by Israeli VC, Hive2040, with the participation of Migdal Insurance and existing investors headed by Firstime Ventures. These funds are intended to be used to expand marketing efforts and product enhancements to penetrate additional target markets, and initiate a new SaaS business model.

"We plan to offer customers in multiple target markets unique real-time automated behaviour recognition solutions that improve safety and security without requiring CAPEX investments. 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 and Co-Founder.

Viisights uses some of the most advanced AI-powered algorithms available to recognise abnormal behaviours and events of special interest, including violent events such as fighting or bullying, and suspicious activity recognition such as loitering, looting and vandalism, and then raises real-time alerts. Unlike other typical machine learning processes that analyse individual images, Viisights analyses sequences of images to distinguish innocent behaviours such as dancing from problem behaviours such as fighting.

"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,” continued Birenzvieg. “Viisights can extract much more information and insights from video content in real-time than any other company, delivering more value for end-users."

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 organisation in the US, and Cognyte, a global leader in security analytics software.

Viisights provides solutions for safe and smart cities, educational and enterprise 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.


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