Israeli video analytics co Viisights raises $10m

Viisights team: Amjad Akkawi, Menashe Rothschild, Simon Polak, Maya Scheyer, Asaf Birenzvieg / Photo: Ravit Turkiya
Viisights team: Amjad Akkawi, Menashe Rothschild, Simon Polak, Maya Scheyer, Asaf Birenzvieg / Photo: Ravit Turkiya

The company's AI-based security system recognizes behavior patterns that precede violence and other safety hazards.

Tel Aviv-based video analytics company Viisights today announced a $10 million Series-A fundraising round led by Canadian venture capital firm Awz Ventures, with the participation of Israeli venture capital firm Firstime Ventures, which led the company's seed round, Maxfield Capital, Altair Ventures, and LETA Capital. The company has raised $12.5 million altogether to date.

Viisights was founded in 2015 by its CEO Asaf Birenzvieg, chief product officer Menashe Rothschild, chief technology officer Amjad Akkawi, and chief scientist Simon Polak. The company employs fifteen people at its Tel Aviv offices.

Viisights says that it will use the proceeds from the fundraising to expand its sales organization, establish a global presence, continue to enhance its current products, and develop new solutions. The company offers its products through a growing network of strategic relationships with system integrators and sales channel partnerships, as well as through its direct sales force. The company reports that technology giants, NEC and Motorola Solutions, are already part of the network.

Viisights says that the video analytics market is projected by Allied Market Research to reach $3.9 billion next year and $14.4 billion by 2025. "Awz is a believer in Viisights’ technology and management team," said Awz Ventures founder and managing partner Yaron Ashkenazi "We view Viisights’ behavioural recognition solution as a unique offering within the video analytics market, which has great commercial potential and will make the world a safer place."

"We are excited to rollout our products globally; providing our customers with a safer, more secure, and resource efficient environment leading to a higher quality of life," Birenzvieg said.

Viisights uses artificial intelligence to bring behavioral understanding to video surveillance and practically every video stream. The system "watches" hundreds of hours of video fed into it by its developers, depicting violent incidents, and identifies the patterns to be sought in future videos. Its flagship product, Viisights Wise, offers a wide range of applications, including: violence and weapon recognition, context-related suspicious activity recognition, crowd management, vehicle and traffic surveillance, indoor and outdoor safety (including fire and smoke detection), and resource optimization.

Viisights says that it provides solutions for safe and smart cities, enterprises, campuses, banking and financial institutions, critical infrastructure sites, transportation hubs, and security guard companies. The company has recently demonstrated a new product prototype for in-vehicle occupants monitoring that is designed for use in public transportation, autonomous and ride share vehicles .

While the video analytics market receives criticism due to concerns about privacy violation, and cities like San-Francisco and Oakland have banned facial recognition technology, Viisights says that it has no such problem, since it does not recognize specific individuals, but rather behavioural patterns of interest.

Awz Ventures was established by ex Israel Security Agency (Shin Bet) officer Ashkenazi in 2016 as a Canadian hub for investment in cybersecurity, intelligence and physical security AI-based technologies from Israel. It manages $100 million between its first two venture capital funds, and has made early stage investments in 14 companies to date. Former prime minister of Canada Stephen Harper is president of its advisory committee and Ed Sonshine is chairman of its board. Its management and advisors also include former senior executives from Israeli and Canadian agencies (Mossad, ISA, CSIS, CAF).

Published by Globes, Israel business news - en.globes.co.il - on November 18, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Viisights team: Amjad Akkawi, Menashe Rothschild, Simon Polak, Maya Scheyer, Asaf Birenzvieg / Photo: Ravit Turkiya
Viisights team: Amjad Akkawi, Menashe Rothschild, Simon Polak, Maya Scheyer, Asaf Birenzvieg / Photo: Ravit Turkiya
groundcover founders credit: Yossi Yarom Israeli observability co groundcover raises $35m

groundcover has developed a “Bring Your Own Cloud” (BYOC) observability solution, redefining the architecture of a modern observability platform.

Tel Aviv Stock Exchange credit: Shutterstock MagioreStock Foreign investment in TASE hits five-year high

Foreign investors have been flocking to the Tel Aviv Stock Exchange in recent weeks, the TASE research department tells "Globes."

Elbit Systems tank turret systems credit: Elbit Systems Elbit Systems wins $100m tank turret systems deal

The Israel defense electronics company will supply its advanced UT30 MK2 unmanned turret systems to General Dynamics European Land Systems (GDELS) to be supplied to a NATO European country.

Tomer Weingarten Photo: PR Trump targets SentinelOne exec in act of revenge

The US administration has suspended the security clearance of the company's chef intelligence and public policy officer Chris Krebs and everyone associated with him.

Tel Aviv Stock Exchange share prices rising credit: Tali Bogdanovsky TASE opens sharply higher after Trump U-turn on tariffs

The pause is being interpreted as a climb down after US President Donald Trump admitted he had made the move to calm the markets.

Ashot Ashkelon credit: Ministry of Defense Up 250%, Ashot Ashkelon wins another Defense Ministry order

The Israeli defense company's share price has risen 250% in the past three years since FIMI Opportunity Funds acquired control.

Liad Agmon credit: Eyal Izhar Insight Partners Liad Agmon steps down as managing partner

Serial entrepreneur Agmon has served as a partner at Insight Partners Israel alongside Daniel Aronovitz who set up the Israel office.

Shekels credit: Shutterstock Vladerina32 Shekel slide resumes amid escalating tariff war

The Bank of Israel is not expected to intervene in the forex market despite the sharp depreciation of the shekel.

Nir Zuk credit: Inbal Marmari Palo Alto Networks mulls buying AI security co for $700m

Sources inform "Globes" that on Palo Alto's radar is Protect AI.

President Donald Trump hosts Prime Minister Benjamin Netanyahu credit: Reuters Kevin Mohatt Israeli officials confident on US tariff concessions

Senior Israeli figures believe that concessions could be tied to progress on strategic regional political issues that are important to President Trump.

Phoenix Investment House CEO Avner Hadad  credit: Tommy Harpaz "The market has priced in all the bad things"

Phoenix Investment House CEO Avner Hadad says US markets could continue to fall, but that we are close to interesting territory for patient investors.

Tel Aviv credit: Shutterstock Tel Aviv slips in World's Wealthiest Cities ranking

Tel Aviv's position as one of the world's wealthiest cities took a big knock over the past year as it slipped from 42nd to 48th in investment advisors Henley & Co.'s "World's Wealthiest Cities" Top 50 ranking.

Leviathan platform  credit: Albatross C'ttee seen recommending no cut in gas exports

The Dayan committee on the future of the gas sector estimates that Israel's natural gas reserves will run out in 2045.

Accountant General Yali Rothenberg credit: Rafi Kutz Israel's fiscal deficit continues to narrow

The deficit narrowed in the twelve months to the end of March 2025, for the sixth consecutive month, Ministry of Finance accountant general Yali Rothenberg reported today.

Arkia credit: Arkia Arkia cuts Tel Aviv - New York April fares

Arkia has cut fares at the last minute, a time when prices usually soar even higher, according to the pricing method used in the industry.

Bank of Israel Governor Prof. Amir Yaron credit: Dani Shem Tov Knesset Spokesperson BoI Governor: US tariffs could push up inflation in Israel

Prof. Amir Yaron tells "Globes" that there is a risk that the new tariffs will cause inflation to rise in the US, with a knock-on effect for Israel.

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018