Swedish video analytics and security systems company Irisity AB (ST: IRIS) has announced the acquisition of Israeli video analytics company Agent Vi for $67.5 million in cash and shares. Based in Rosh Ha'ayin, Agent Vi is a veteran startup, founded back in 2003 when the Israeli startup scene had many startups developing smart cameras for security installations.
Agent Vi has developed smart systems for identifying suspicious or irregular objects using video cameras at airports, power stations, college campuses and more and for smart cities. Those operating the systems can define for themselves what should be considered suspicious behavior and the system then issues alerts when relevant incidents occur. For example, a car parked at the side of the road, an unattended package, or a gathering of people. Suspects or packages can continue to be monitored according to colors or clothing.
Agent Vi sells its products directly to cities, electricity companies, and infrastructure companies which integrate them into their command and control systems. The company's partners include Siemens, Convergint, and G4S. Irisity was founded in 2008 and operates in the same field with most of its products sold in Europe.
Agent Vi has raised $30 million from investors including Motorola Solutions, 21 Ventures, Indigo Global, and Chinese tech corporation Kuang Chi although some of the investors have since sold their stake. The company has been sold for disappointing returns of about 2.5 the amount of money raised, and has annual revenue of about $7 million on a SaaS business model.
Agent Vi was founded by Gadi Talmon and Zvika Ashani and is managed by CEO Itsik Kattan. The company has 40 employees in Israel, the US and Singapore.
Irisity said, "The merger creates a global leader in advanced AI video analytics for security and surveillance with unrivaled capabilities and product portfolio."
Published by Globes, Israel business news - en.globes.co.il - on September 5, 2021
Copyright of Globes Publisher Itonut (1983) Ltd. 2021