HomeBusinessVeo Technology Raises $25M for AI Powered Cameras

Veo Technology Raises $25M for AI Powered Cameras

The sports industry has experienced rapid growth in all the segments in the last few years. It is one of the most emerging and booming industries with a lot of technological advancements being made every now and then. Some of the most popular advancements are, getting analytics with the use of AI, smart stadiums and use of augmented AR/VR to enhance the experience of fans.

Another big change is the recording, distribution and broadcasting of these sports activities, which needs not only expertise but also huge amounts of money.

History of Veo:

Veo Technologies is a Copenhagen, Denmark based startup which offers AI cameras to make video and stream matches easier. Veo was founded in 2015 by Henrik Teisbæk, Jesper Taxbøl and Keld Reinicke.

There is also a very interesting story behind Veo’s existence. In 2015, one of the founders, Keld was late for his son’s football match and when he arrived his son had already made a goal which he missed watching. This made him wonder why aren’t all the football matches recorded, from here started the story of Veo’s coming to existence.

Mission of Veo:

Veo is driven by passion. A passion for the game and for making a difference. This is who we are and why we exist.

CEO of Veo Technologies:

The CEO Henrik in an interview to techcrunch said about raising funding that “Our immediate goal is to establish a foothold for Veo on the U.S. market, and a lot of the investment will go towards achieving that.” He also said that in the long run, they will be using their U.S. market presence to enter the global market and make a big name in the sports industry. 

Teisbæk said that they have chosen the US market to start and expand from, because it is one of the biggest and most exciting soccer markets. The clubs and associations associated with football clubs are always open to new technologies which means that Veo has a very potential market in the U.S. state.

Funding Raised by Veo:

After designing a cloud based subscription service, to record and keep highlights of the game which is later hosted on a platform for the customers to view, Veo has received a funding of $24.5 million in Series B funding. This funding was led by Chr. Augustinus Fabrikker, who is a Danish investor. This funding also had participation from U.S.-based Courtside VC, France’s Ventech and Denmark’s SEED Capital. 

The CEO said that there are two main reasons behind receiving this funding, one is to expand the operations in the U.S. by opening a new office space in Miami. The second was to expand its scope of operations by having technological advancements. Veo started optimizing its computer vision software so that it can record and keep a track of the most popular matches in the World which is Soccer and people can have access to this later as well.

The cameras which are set up by Veo are left to run on their own. Once these AI cameras are set, they can record wide angles of the stadium and the majority of the soccer field can be covered. It can also zoom and edit based on the same recording.

Other Advancements:

Veo has also been working on building computer vision algorithms to expand its marketplace in other sports as well such as rugby, cricket and hockey. This startup at present is working with more than 5000 clubs throughout the world. As per Veo’s website, it is currently working in 80 countries worldwide and it has already recorded half a million games.

Veo’s Presence in other Sports:

Though Veo started with only soccer, but at present it has stepped into other games which are Rugby, basketball, American football, lacrosse, volleyball, handball, ice hockey and field hockey. Veo’s cameras are being used by professional soccer clubs in the Premier League, Spain’s La Liga, Italy’s Serie A and France’s Ligue 1, as well as several clubs in the MLS such as Inter Miami, Austin FC, Atlanta United and FC Cincinnati.

Teisbæk also mentioned that Veo’s cameras will also be used for training purposes in organizations. He said that “It is not to build its own media empire with the trove of content that it has amassed, but to be an enabler for creating that content for its customers, who can in turn use it as they wish. It’s a “Shopify, not an Amazon”.

Veo has already made a big name in the sports industry and its AI powered cameras have become the first preference of the professionals from the field of sports. With its presence in around 80 counties, Veo is still working to expand its market more globally and step into other sports activities as well.

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