The AI-powered video-native algorithms startup Voxel51 announced the closure of $2 million seed round from eLab ventures. Following the closure of the round, the startup also announced the launch of its video understanding platform for automotive, smart city and security applications.
The latest funding brings the tally to $3.25 million. The startup had earlier bagged a $1.25 million grant from the US Commerce Department’s National Institute of Standards and Technology (NIST) to develop video analytics for public safety.
Co-Founded in 2016 by a professor-student combo of Dr.Jason Corso and Dr. Brian Moore from the University of Michigan, the startup rose to fame when it created the video understanding platform that scans video footage and images to provide data insights. Moore, who attended Carso’s classes on computer vision shared the same desire that led to the foundation of Voxel51.
“The vast majority of services that were available were focused on image-based understanding rather than video-based understanding. And in almost all instances we’ve seen, when we use a video-based model we see accuracy improvements,” quoted Corso, the CEO of Voxel51.
Although there are numerous video understanding platforms operating in the same space, what sets Voxel51 apart from the rest is its technology to analyze multiple frames of video to characterize the action. The collective understanding from the multiple frames is converted into data that enables users to take real-time, data-driven decisions.
Corso further stated that the platform was designed with simplicity at its core. The platform comes with a drag and drop interface called Scoop. Once the video is dropped, the system will run through it to provide data insights.
He further added that the funding would be used to establish the product in the market and improve the non-technical side of the company.
Voxel51 has partnered with Baltimore’s CitiWatch to scan the video footage of 800 cameras in real-time and help them watch the right feed at the right time. Though most of its features are lined with self-driving cars, the startup has clearly stated that its focus is to improve public safety.
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