Finnish Video AI Specialist Valossa Takes $2 Million in Funding
The Finland-based video artificial intelligence (AI) company Valossa announced it has taken in $2 million in funding. The investment round was led by 01 Ventures of London, with participation by Reaktor Ventures, Butterfly Ventures, and personal investor Jari Ovaskainen. As a result of this round, Eeswaran Navaratnam of 01 Ventures and Ville Heikkinen of Butterfly Ventures will join the Valossa board of directors.
Founded in 2015, Valossa creates AI software that can scan video and identify objects and human characteristics in real-time. The company will use the new funding to grow its product teams and global sales and marketing efforts.
Valossa introduced Valossa AI, it's first commercial product, in April 2017. The system can watch videos at high speed and create detailed descriptions for each frame, identifying people, conversation topics, video and audio content, and even explicit content. The product is available in an on-premises installation, an API, and a software-as-a-service platform. The company notes it's currently completing trials of its AI products with several large companies.
“We are now at a tipping point for AI’s utility in the video industry, and we feel that Valossa AI can readily serve the needs of all stakeholders in the industry, from OTT providers to broadcasters to on-demand providers,” says Mika Rautiainen, Valossa's co-founder and CEO.
Valossa will demonstrate its AI capabilities at IBC later this month.
Artificial intelligence and machine learning, along with deep learning and neural networks, are solving OTT challenges from encoding quality to closed captioning.