AI video analytics expert Voxel51 successfully closed a seed funding round that is worth $2 million, with eLab Ventures as the primary backer. The funds are to be allocated for the final phase of the company’s preparation to launch its analytic solutions platform.
Voxel51 is a relatively recent startup company that was founded in 2016 in Michigan. It is perhaps currently best known for developing a machine learning AI-based system that is capable of directly analyzing and categorizing objects from visual media, such as video and images.
This is achieved not only by direct visual analysis but also via a multitude of other motion-related variables, such as direction, speed, relative size change over time, among other things.
Computer vision is a type of service-capable technology that, at the surface, would initially benefit organizations and institutions such as legal and investigation departments. However, with our current level of technology, this service can now potentially extend towards any service or product that requires constant scanning of its environment.
Car manufacturers, for example, can greatly benefit from Voxel51’s service platform, by integrating it into a specific vehicle model’s navigation and autopilot system. Robotics researchers can also benefit from its services, with the use of labor-oriented units (such as guidance bots, automated cashiers, etc.) that require identification of local, surrounding objects and the people around them.
Another upside of Voxel51’s computer vision technology solutions is that it was advertised to be scalable. This provides the opportunity to collate a massive amount of visual data by its users so that the machine learning AI could be trained to optimize its performance further.
Aside from the $2 million funds acquired from eLab Ventures, Voxel51 has also recently acquired $1.25 million in the form of a grant issued by the United States Commerce Department’s National Institute of Standards and Technology (NIST), with a contract to develop video analytics systems designed for public safety.