Veo Raises $6M Series A to bring its ‘AI camera’ for soccer matches to the US

Danish startup Veo invented an AI camera for recording football matches and has now raised $6 million in A-round funding. Money earmarked at expanding into the U.S. market.

Every year, millions of football games are played worldwide for the sport’s four billion fans. Almost none of these are recorded – and nor are the millions of goals and unique football moments.

Danish startup Veo has solved this problem with a portable and affordable football camera that allows anyone, anywhere to record and analyze football matches without the need of a cameraman. The company raised six million dollars in A-round funding led by pan-European Ventech Capital, U.S.-based Courtside Ventures, and Danish VC Seed Capital. The new capital will be used to launch in the U.S. in an effort to penetrate the North American market, and Veo cameras already started shipping to US and Canadian clubs.

“Henrik and the Veo team have harnessed their impressive creativity and entrepreneurial vision to transform how important moments are captured in the sports industry. We are excited to support Veo’s global ambition to share their best in class, AI-powered video solution to football teams worldwide,” explains Ventech Partner Tero Mennander on the global, early-stage VC’s investment.

“With this injection of capital, we can start meeting our own expectations of becoming a central player, both on the North American and the global football market”, says Veo CEO and founder Henrik Teisbæk.

The Veo football camera provides a solution to a prevalent problem in football teams on most levels: To record a football match or -training properly, a club needs a cameraman who can follow the players from an elevated spot by the pitch and has the technical knowhow to cut and edit highlights from the full recording. For the vast majority of football teams, this is not a realistic setup.

“We have an ambition of making video technology a natural part of football – in all clubs, on all levels. Not only in the biggest clubs who already have the resources to do so and just want an easier solution. But especially for the smaller clubs who haven’t had the opportunity to record football like this, until now,” says Henrik Teisbæk.

The camera itself is a dual 4K lens camera that records the entire pitch. And because it requires no cameraman, it can be mounted on a 23ft tripod with optimal view. The real magic, however, lies in the processing where Veo’s patented AI-powered software detects both ball and players to create a perfectly balanced broadcast view for its users. Just like a football match on TV. Both Veo’s software and hardware is developed and produced in the company’s office in Copenhagen, Denmark, where 35 people currently are employed.

In the last year alone, 25,000 games have been recorded by 3,000 teams in 50 countries worldwide using Veo. That’s 13 times more than Europe’s five biggest leagues combined, and as Veo keep increasing its sales, these numbers will grow exponentially, turning Veo into probably the biggest football broadcaster in the world.

Veo was founded in 2015 Henrik Teisbæk, Jesper Taxbøl and Keld Reinicke. See it in action yourself here: https://player.vimeo.com/video/333529341

 

Swedish Fintech-challenger Capcito raises €7m for international expansion

Swedish Fintech-company Capcito has closed an investment in the amount of EUR 7 million. Schibsted Growth and pan-European VC Ventech have joined owners SEB Venture Capital and Collector Ventures in support of Capcito’s next stage of growth.

In an increasingly competitive industry, Capcito has gained significant traction in the past 12 months through fast growth and a 500% increase in active clients. Thus far ~EUR 80 million have been paid out to growing businesses through Capcito’s automated financing platform.

  • There is an obvious demand among growing businesses for a costworthy, flexible and digital provider of working capital to small businesses, says founder Michael Hansen on the firm’s competitive advantage and growth.
  • One of the biggest obstacles for companies to develop and grow is access to working capital, and the available alternatives are seldom costworthy or transparent flexible enough. I am convinced this is why we are growing rapidly in an industry which is highly competitive but contains lots of old-fashioned players, says Hansen.

Capcito’s credit assessment is automated, which means that an available credit amount is calculated instantly – based on real-time data from an invoice- or accounting software. So far 6,000 businesses have connected and are profiting benefitting from access to a pre approved credit facility, factoring and invoice discounting services.

  • Capcito can help businesses and entrepreneurs with working capital, in a completely new way. Finally, things are happening within the fintech for b2b space, both in Sweden and internationally. We want to be a part of that transformation, says Dan Ouchterlony, Investment Manager at Schibsted Growth.
  • We believe Capcito is positioned to change the financing marketplace with their concept of automated financing – and that is a journey Ventech wants to be a part of. I look forward to helping Capcito facilitate its international expansion and continue its exponential growth, says Tero Mennander, General Partner at Ventech Europe.

In connection with the investment, Dan Ouchterlony from Schibsted and Tero Mennander from Ventech will take up seats on Capcito’s board.

This capital injection enables Capcito’s international expansion and further sharpening of its digital product.

 

Finnish IoT Innovator Treon announces €1m seed funding from Angel Investors and Ventech

Treon, a Finnish Tampere-based company that develops smart wireless devices and hardware platform for IoT-solutions, announced today that it has raised a 1MEUR seed funding round with the support of a strong group of angel investors and leading early stage global VC Ventech.

“We’re so proud of the progress we have made since Treon was founded in late 2016. We have already established Treon as a hardware product design company of choice for market innovators such as Varjo (www.varjo.com) and HappyOrNot (www.happy-or-not.com)”, says Treon CEO Joni Korppi.

“The new funding and a group of experienced investors will help us to focus even more on development and global market introduction of Treon branded products for IoT-solutions, starting this year already.”

INVESTORS TRUST IN TREON’S EXPERIENCED TEAM

The seed funding of 1MEUR shows an eminent and global trust in Treon and its product development, as well as in its already existing products. The funding comes from two major parties: a group of independent, experienced entrepreneurs, and Ventech (www.ventechvc.com), the leading pan-European VC fund investing in early-stage tech-driven start-ups.

“In Treon, we are most impressed by the people: an experienced, and highly qualified and innovative team of smartphone professionals with exceptional pedigrees who made a successful transition to developing hardware and software for IoT-solutions,” says Tero Mennander, General Partner at Ventech. “Particularly when combined with the IoT product market uptake, Treon stands out as an exceptional fit for our vision and strategy.”

HARDWARE IS A KEY BUILDING BLOCK FOR SUCCESSFUL IOT-SOLUTIONS

The seed funding will help Treon to continue developing exciting ground-breaking products to selected IoT-solution areas, such as Industrial Condition Monitoring and Asset Management, and bring its current portfolio of devices to market.
Treon Gateway is an edge computing platform that can connect a mesh of sensor devices to any cloud platform. Wireless mesh networks are easy and cost-efficient to deploy, adaptable and freely expandable. Treon Gateway comes with preloaded support for Wirepas Mesh and its hardware is ready to support Bluetooth Mesh.

Treon Node and Treon Industrial Node are wireless, battery-operated sensor devices that operate in a mesh network. Treon Node measures indoor environmental and air quality via a variety of sensors. Treon Industrial Node monitors the condition of rotating equipment, such as pumps, by measuring equipment vibration and surface temperature. Treon Industrial Node has been codeveloped with Sulzer Ltd (www.sulzer.com) and will be commercially available during the first half of the 2019.

“Great hardware is a key building block for IoT-solutions in many vertical solution areas. We will continue to work closely with our customers, old and new, to bring to market products that are designed both for industry and customer needs. Our investors are helping us in this work, both concretely and mentally, and we are grateful for that,” says Joni Korppi.