Spot Technologies Raises $2M in Funding to Expand AI Security Tech in Mexico Walmart Stores

Spot Technologies Raises $2M in Funding to Expand AI Security Tech in Mexico Walmart Stores

El Salvador-based startup Spot Technologies secures $2 million in funding to enhance its artificial intelligence-based security technology, VisionX, and expand its deployment in Walmart stores in Mexico.

Spot Technologies, an AI startup based in El Salvador, has recently raised $2 million in funding to further develop its cloud-based technology, VisionX. The company specializes in transforming existing cameras in retail and logistics locations into an intelligent system that tracks behavior analysis and enhances security. With its flagship product, VisionX, Spot Technologies aims to provide advanced capabilities such as consumer behavior analysis, theft prevention, and optimized dispatch processes. The funding round was led by investor groups including Femsa Ventures, Bridge Latam, Daedalus, Kuiper, and Casque.

Spot Technologies’ VisionX: Enhancing Security and Analyzing Consumer Behavior
Spot Technologies, founded in 2018 by CEO Julio Abrego and his team, focuses on developing models, algorithms, and modules for computer vision to revolutionize the video surveillance industry. VisionX utilizes deep learning and computer vision technologies to analyze consumer and theft behaviors, offering features such as gender and age analysis, people counting, detection in undesignated areas, identification of crowd formations, and analysis of areas of interest. This advanced technology sets Spot Technologies apart from competitors like SenseTime, BriefCam, AdMobilize, and DeepView.

Modular Integration and Versatility: The Lego Pieces of VisionX
One of the key differentiators of Spot Technologies’ VisionX is its modular integration and versatility. Abrego compares it to putting together Lego pieces, allowing for flexible integration of video analysis modules. This unique feature enables Spot Technologies to transform existing cameras in supermarkets into advanced tools for detecting consumer behaviors and preventing thefts. By offering dual functionality in security and consumer behavior analysis, VisionX provides significant added value to customers.

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Expanding Deployment and Partnerships with Walmart and Oxxo
Spot Technologies has already made significant strides in the market, with Walmart as one of its major customers. VisionX has been deployed in 450 Walmart stores and distribution centers in Chile, optimizing dispatch processes through the counting and tracking of pallets. The success of this partnership has led Walmart to plan the implementation of VisionX technology in its Mexican operations by 2024. Spot Technologies is also in talks with Oxxo, a prominent Mexico-based chain of convenience stores, to integrate VisionX in its more than 21,000 stores across Latin America.

Future Development: VisionX 2.0 and Talent Acquisition
With the new funding, Spot Technologies plans to invest in the development of VisionX 2.0, which is scheduled for launch later this year. VisionX 2.0 will include enhanced features such as the detection of minor thefts, thefts in self-checkout areas, violent actions, and analysis of shopping patterns. The company also plans to expand its team of programmers from nine to 30 and eventually to 50, supported by its high-profile clients like Walmart and Mercado Libre.

Conclusion:

Spot Technologies’ recent funding round and the expansion of its VisionX technology in Walmart stores in Mexico mark significant milestones for the El Salvador-based AI startup. With its unique modular integration, versatility, and dual functionality in security and consumer behavior analysis, VisionX has the potential to revolutionize the video surveillance industry. As Spot Technologies continues to develop its technology and expand its partnerships, the future looks promising for this innovative AI security company.

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