Spot Technologies, an El Salvador-based artificial intelligence startup, has successfully raised $2 million in funding, marking a significant milestone in its mission to revolutionize AI in retail and logistics surveillance. The round, led by an investor group including Femsa Ventures, Bridge Latam, Daedalus, Kuiper, and Casque, propels Spot Technologies into an exciting phase of development.
Founded in 2018 by CEO Julio Abrego and his dedicated team, Spot Technologies focuses on the creation of cloud technology that transforms conventional cameras in retail and logistics spaces into intelligent systems with advanced behavioral analytics and security tracking.
Spot’s flagship product, VisionX, stands out for its utilization of deep learning and computer vision technologies to analyze consumer and theft behaviors. What sets VisionX apart is its modular integration, akin to assembling Lego pieces, providing unparalleled versatility in video analysis modules. This approach offers a dual functionality of security and consumer behavior analysis, distinguishing it from competitors like SenseTime and BriefCam.
Walmart, a major player in the retail industry, has already embraced Spot’s VisionX, deploying it in 450 stores and distribution centers in Chile. The success of this collaboration has paved the way for plans to introduce VisionX technology to Walmart’s operations in Mexico by 2024. Spot is also in discussions with Oxxo, a prominent convenience store chain in Mexico, to integrate VisionX into its extensive network of over 21,000 stores across Latin America.
With the infusion of new capital, Spot Technologies is gearing up for the development of VisionX 2.0, set to launch this year. This upgraded version will include enhanced features such as detecting minor thefts, thefts in self-checkout areas, violent actions, and in-depth analysis of shopping patterns.
Julio Abrego emphasized the company’s growth in talent acquisition, expanding from nine programmers to 30, with plans to reach 50. This expansion aligns with Spot’s commitment to delivering cutting-edge solutions, supported by high-profile clients like Walmart and Mercado Libre.
Spot Technologies’ journey is a testament to the transformative potential of AI in reshaping security and consumer insights in retail and logistics, with a human-centric focus on enhancing efficiency and safety.