Spot Technologies, a promising artificial intelligence startup based in El Salvador, has successfully secured $2 million in funding. With operations extending into Chile, the company is pioneering cloud technology that transforms retail and logistics cameras into intelligent systems for behavior analysis and security.
This funding round saw participation from a diverse group of investors, including Femsa Ventures, Bridge Latam, Daedalus, Kuiper, and Casque.
Co-founder and CEO Julio Abrego, along with his team, launched Spot in 2018 with the goal of developing advanced models, algorithms, and modules for computer vision to enhance video surveillance capabilities. In an email, Abrego shared insights into their mission.
Spot's flagship product, VisionX, leverages deep learning and computer vision technologies to analyze consumer behaviors and detect theft. It offers advanced functionalities like demographic analysis (age and gender), people counting, detection of unauthorized area access, crowd formation identification, and detailed interest area assessments.
The grocery sector is increasingly focusing on key innovations: inventory management, frictionless checkout, and computer vision technologies.
Abrego identifies competitors such as SenseTime, BriefCam, AdMobilize, and DeepView, but he asserts that Spot's VisionX technology stands out in several critical areas. One key differentiator is its modular and versatile integration, allowing for flexible assembly of video analysis modules, comparable to building with Lego bricks. Another distinct feature is its detection capabilities.
“Spot is dedicated to enhancing existing supermarket cameras into sophisticated tools for monitoring consumer behavior and preventing theft,” stated Abrego. “This unique combination of security and behavior analysis offers exceptional value to our customers.”
With the fresh capital, Spot plans to further develop VisionX 2.0, set to launch later this year. This updated version will feature enhancements such as detecting minor thefts, monitoring self-checkout areas, identifying aggressive behaviors, and analyzing shopping trends.
Walmart has become one of Spot’s prominent clients, deploying VisionX across 450 stores and distribution centers in Chile. This implementation is crucial for optimizing dispatch processes through effective pallet counting and tracking. Furthermore, Walmart intends to roll out VisionX technology across its Mexican operations in 2024. Spot is also in discussions with Oxxo, a well-known convenience store chain in Mexico, for potentially integrating VisionX within its network of over 21,000 locations across Latin America.
“We've augmented our SaaS platform with features like theft detection and human behavior analysis,” Abrego noted. “On the talent front, our team has expanded from nine to 30 programmers, with plans to grow to 50. This expansion is fueled by our strong partnerships with major clients, including Walmart and Mercado Libre.”
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