Finnish deep content firm Valossa has closed a two million-US dollar funding round that will help the company meet demand for its AI video intelligence products.
London-based 01 Ventures led the round, followed by Finland-based Reaktor Ventures and Finnish venture capital company Butterfly Ventures. Finnish business angel investor Jari Ovaskainen also participated in the round.
Valossa will use the funding to expand its product and global sales and marketing teams to meet demand for its advanced artificial intelligence (AI) visual content search and recognition solutions. Its first commercial product Valossa AI watches videos at a superhuman speed and provides detailed accounts of every second.
“The need for descriptive, intelligent AI features for video data is rapidly growing, and Valossa has already been at the forefront of advanced video AI for the past few years,” comments 01 Ventures partner Eeswaran Navaratnam, who will be joining Valossa’s board of directors. “Their technology understands video in the same way a human does, moving well beyond simple descriptions of scenes.”
The Finnish deep content firm is currently completing pilots and trials for companies dealing with volumes of video content, including several Fortune Global 500 companies.