May 21, 2024

Krazee Geek

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Spot Technologies, now with $2M, will see AI security tech go into Mexico Walmarts

2 min read

Funding was raised by El Salvador-based artificial intelligence startup Spot Technologies. Located in Chile, the company develops cloud technology that turns cameras in retail and logistics locations into a security and behavior analysis system.

A group of investors including Femsa Ventures, Bridge Latam, Daedalus, Kuiper and Casque took part in the round.

According to Abrego, the company was founded in 2018 to develop models, algorithms, and modules for computer vision for the video surveillance industry.

The company’s flagship product, VisionX, analyzes consumer and theft behavior using deep learning technologies. In addition, it provides advanced capabilities, such as gender and age analysis, people counting, detection in undesignated areas, and identification of crowd formations.

Companies such as SenseTime, BriefCam, AdMobilize, and DeepView are considered competitors by Abrego. However, Spot’s VisionX technology differs in several ways from theirs. Video analysis modules can be seamlessly integrated with modular integration and versatility, which Abrego compared to putting together Lego blocks. Detection is another.

“Spot transforms existing supermarket cameras into advanced tools for detecting consumer behavior and preventing theft,” Abrego explained. The dual functionality of consumer behavior analysis and security is unique and provides customers with significant added value.”

The new capital will be invested in the development of VisionX 2.0, scheduled for release this year. Detection of minor thefts, thefts in self-checkout areas, violent actions, and shopping patterns will be included in this program.

Walmart uses Spot’s VisionX in 450 of its stores and distribution centers in Chile to, among other things, optimize dispatch processes by counting and tracking pallets.

Walmart plans to implement the VisionX technology in Mexico in 2024, in addition to Chile. Spot is also in discussions with Oxxo, a Mexican convenience store chain with more than 21,000 stores in Latin America, about integrating VisionX.

According to Abrego, “we have incorporated theft detection and human behavior detection into our SaaS platform.” Likewise, we have gone from having nine programmers to 30 now and plan to grow to 50 in the next 6 months. The company’s growth is supported by high-level clients, such as Walmart and Mercado Libre.”

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