Last week, AI video analytics safety solution provider Intenseye Inc. closed a $64 million in a Series B investment. On the same day, February 27th, another AI video provider, Rhombus, secured over $43 million via funding and financing. The two deals shine a light on an AI segment that is standing out within a steadily growing security market.

“The video surveillance market has seen a major surge in the adoption of AI-enabled cameras capable of edge processing over the past 2-3 years,” according to our latest video surveillance research, which forecasts the percentage of network security cameras shipped with built-in AI capabilities to rise steadily from around 18% in 2022 to over 50% by 2028.

Intenseye: Funding for Workplace Safety AI Video

Istanbul-born and New York-based Intenseye provides its customers with greater visibility into unseen hazards, ergonomic risk factors, and leading indicator data that precede dangerous situations in the workplace using AI-enabled computer vision.

Intenseye has placed significant focus on the privacy of those surveilled with their offering, applying anonymity measures into its products as standard. The firm has also announced the upcoming release of a video anonymization feature named Gen AI, that further increases its commitment to privacy.

The company’s series B funding led by Lightspeed Venture Partners, alongside Insight Partners, Point Nine, and Air Street Capital, represents the largest-ever investment in AI-powered workplace safety technology. Added to the firm’s $25 million series A, Intenseye’s total funding is now over $90 million, which equates to a $300 million valuation for the five-year-old startup.

The funding round follows a growth year for the company, increasing its global footprint by 125%. In 2023, the company identified 36 million unsafe acts and conditions for customers in 25 countries, including Fortune 500 companies, such as Coca Cola and British textile conglomerate Coats.

The funds from Lightspeed and other investors will be used to expand Intenseye’s technology ecosystem, incorporate large language models, develop mobile access, and drive new privacy innovations, the company mentioned in a press release.

Rhombus: Financing an AI Video Surveillance Ecosystem

On the same day, last week, California-based Rhombus Inc. announced that it has raised $43 million, $26M in equity investments co-led by Tru Arrow and Cota Capital, in addition to $17M in debt financing from Silicon Valley Bank, with the support of existing investors Caden Capital and Uncorrelated Capital.

Rhombus offers a unified, cloud-based physical security platform that brings security video surveillance, access control, sensors, alarms, and integrations together under a single pane of glass. The company says it has deployed over 100,000 cameras, sensors, and access control devices at over 30,000 locations around the world.

2023 was an important year for Rhombus as it expanded its ecosystem capabilities with a diverse range of security partnerships that demonstrate the broad strategy of the company:

• On March 27th Rhombus partnered with Lumeo for video analytics
• On March 28th Rhombus partnered with Pimloc Unite for privacy
• On October 30th Rhombus partnered with Omnilert for real-time weapon detection
• On November 6th Rhombus partnered with Roboflow for computer vision modeling
• On December 5th Rhombus partnered with InformaCast for mass notification systems

Also last year, Rhombus announced a new access control product line, including door access control units and readers, as well as video intercom readers. In its unified platform, when a door unlocks, access events are automatically indexed and paired with the corresponding video surveillance footage allowing users to quickly investigate and respond to events.

Last week’s funding will now be put to work to further expand and develop Rhombus’ security ecosystem, and ensure new applications integrate well into the overall platform. Like Intenseye, Rhombus’ fund raising adds fuel to an accelerating market for long-awaited  AI-enabled computer vision applications to drive safety and security.