Valossa, an Oulu, Finland-based video artificial intelligence (AI) company, completed a $2m round of funding.
The round was led by 01 Ventures, followed by Finland-based Reaktor Ventures, the strategic investment arm of software development and design firm Reaktor, and Finnish venture capital firm Butterfly Ventures as well as Finnish business angel investor Jari Ovaskainen. In conjunction with the funding, Eeswaran Navaratnam, from 01 Ventures, and Ville Heikkinen, from Butterfly Ventures, will join the board of directors of Valossa.
The company intends to use the capital to expand its product team and its global sales and marketing efforts.
Led by Mika Rautiainen, co-founder and CEO, Valossa is a provider of advanced products for AI-based visual content search and recognition. The company recently released its first commercial product, Valossa AI™, a cloud service a comprehensive AI video recognition platform. Valossa AI watches videos and produces detailed descriptions for every second of the video. The Core recognition engine is available as an on-premise, API and SaaS platform that detects and identifies people, visual and audio context, spoken topics, themed video categories, and explicit content from large volumes of video data.
Valossa is completing several pilots and trials with its AI-based products for corporations and enterprises that own and use volumes of video in their businesses, including several Fortune Global 500 companies.