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Veo Technologies raised $25M at a $100M Valuation

There is no doubt that the sports industry is one of the most lucrative and popular media forums worldwide. This further lures advertisers, consumers and broadcasters alike to spend significant sums to sponsor or watch their favorite athletes and teams. However, such content often requires a lot of money to produce as well. However, one Copenhagen start-up has cracked the code and designed a new video camera that will record and pick out the highlights of the game automatically as per veo ai 20m series 100m lundentechcrunch.

Known as Veo Technologies, the start-up also introduced a cloud-based subscription service where customers can access and exchange content. They have recently received upwards of €20 million in a Series B funding round led by Augustinus Fabrikker, a Danish investor.

In an interview after the funding, Henrik Teisbæk, CEO of Veo Technologies hinted at the company’s evaluation being more than $100 million. He further added that they will use the money raised to expand the business on two levels. They will first infiltrate the U.S. market with their new office in Miami and secondly, work on the technology, bettering its abilities.

At its inception, the company was better known for optimizing its computer vision software, allowing them to track and record matches for Football, as it is one of the most popular sports in the world. Then, customers were buying their cameras, which retailed for $800 and also getting subscriptions (which is a mandate) for about $1200 every year. Both the cameras and subscriptions were required to record the games for the audience and also use the footage in other practical applications like recruitment and training. The unique feature that increases the demand for their product is the camera’s ability to be set up and keep running automatically. They use a wide-angle approach to record the whole field, after which the user can sit down, edit and zoom the required parts.

Currently, Veo Technologies is developing computer vision algorithms that can help expand this proposition into a number of other team-based games, such as basketball, hockey, and rugby. To do this, they are enhancing the types of analytics that the camera and platform can offer on the generated clip, along with the overall match.

Even though there was a setback in the sports industry concerning the current COVID pandemic, Veo Technologies has still managed to see more growth. This is mainly because even if the big-name teams were not playing, there were other matches that were taking place. While during the last phase of the lockdown, no audience members were allowed, Veo’s technology allowed them to get all highlights online.

The club is working with about 6,000 clubs as of 2019 and covered over 25,000 games, which shows exactly how much their customer base has grown during this phase. During the new valuation, Veo showed no sign of slowing down, instead had even better numbers than before.

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