Finland: Valossa completes $2m funding round
September 6, 2017
Valossa, a video artificial intelligence (AI) company, has completed a $2 million round of investment. The investment will help the company expand its product team and its global sales and marketing to meet the demands for its Valossa AI video intelligence products.
The round was led by London-based 01 Ventures, followed by Finland-based Reaktor Ventures, the strategic investment arm of renowned software development and design firm Reaktor, and Finnish venture capital firm Butterfly Ventures.
Jari Ovaskainen, a noted Finnish business angel investor best known for his investments in Finnish mobile game developers Supercell, Next Games, and PlayRaven, has also invested in Valossa. Eeswaran Navaratnam, from 01 Ventures, and Ville Heikkinen, from Butterfly Ventures, will join the board of directors of Valossa.
“The market opportunity for AI in the video industry is huge, and Valossa are already among the clear leaders in this emerging space,” said Eeswaran Navaratnam, partner with 01 Ventures. “The need for descriptive, intelligent AI features for video data is rapidly growing, and Valossa has already been at the forefront of advanced video AI for the past few years. Their technology understands video in the same way a human does, moving well beyond simple descriptions of scenes. This takes the field of video AI and Machine Vision technology a big step forward, while unlocking a whole new set of commercial uses for customers that has never been possible – until now.”