CPE Media News (3/18/2020) – VXG Inc., a developer of a scalable video management software (VMS) platform for artificial intelligence (AI), has raised $1 million in seed funding from Verstra Ventures and MaRS IAF.
The investment enables VXG to strengthen its position as a leader in VMS for the AI market by helping to connect more cameras to AI engines, ultimately providing customers in the retail analytics and video surveillance spaces with more business intelligence.
photo credit: VXG Inc.
VXG Inc. successfully raises $1 million seed round
Toronto, March 17 2020 – VXG Inc., the developer of a scalable video management software (VMS) platform designed to meet the specific needs of artificial intelligence (AI), today announced it has successfully raised a $1 million seed round of financing from Verstra Ventures and MaRS IAF.
VXG was started to solve the problem of scalability of AI solutions for video. Today, the VXG platform works with tens of thousands of cameras connected to a variety of AI engines to help provide greater availability of data for more actionable intelligence.
“Verstra is thrilled to be leading this investment in VXG”, said Karl Schabas, Managing Director of Verstra Ventures. “The video surveillance and retail analytics industries are on the cusp of being revolutionized by AI. VXG’s products will ensure that all manner of video AI algorithms can be quickly and painlessly deployed at scale.”
This investment round enables VXG to strengthen its position as a leader in VMS for the AI market by helping to connect more cameras to AI engines, ultimately providing customers in the retail analytics and video surveillance spaces with more business intelligence.
“Our vision is to make AI scalable and cost efficient for any video surveillance system,” said Yaro Lisitsyn, co-founder and CEO of VXG. “We are the only platform that allows customers to choose any AI engines, connect them to any number of cameras and extract metadata from a video at a fraction of cost compared to VMS with integrated AI.”
VXG’s next goal is to grow its sales and customer success teams and make the platform available to a broader market.
About VXG Inc.
VXG is the first VMS platform for AI connecting any surveillance cameras to any artificial intelligence. VXG was incorporated in September 2016 and has its headquarters in Toronto, Ontario. For more information, please visit www.videoexpertsgroup.com.
About Verstra Ventures.
Verstra Ventures invests in exceptional founders who are building enduring software companies. Through its capital, network and extensive knowledge of best practices, Verstra Ventures help its portfolio companies scale in a fast, sustainable way. For more information, please visit www.verstraventures.com.
About MaRS IAF.
MaRS Investment Accelerator Fund (IAF) is a leading seed stage fund investing in high-potential IT, health and cleantech companies in Ontario. IAF has over a 10-year history of successfully providing innovative firms with the capital, mentorship, and networks needed to validate ideas and bring products to market. Its mission is to keep Ontario’s talent and technology local while helping its companies go global.For more information, please visit www.marsiaf.com.