Tallinn-based Fyma, a computer vision startup formerly known as Visory was founded last year. It works with the mission to let businesses and institutions make better strategic decisions by converting cameras into sensors. This company has nowt secured fresh investment to get actionable data from every piece of footage.
Eyes to grow further
Fyma announced that it has closed $1.8M (nearly £1.33M) seed funding in a round led by Change Ventures, Lemonade Stand, 7 Percent, Tiny VC and Decacom. Even existing investors included former TransferWise executives – Triin Hertmann and Alvar Lumberg, former Director of Engineering, Customer Support Tribe + Machine Learning and Analytics Platform. This brings the overall investment raised by Fyma to $2.1M (nearly £1.55M).
Fyma will use the funding to double its headcount, fund additional pilot programmes to help evaluate where it can make the biggest impact and to focus on business development.
Rait Ojasaar, Partner at Change Ventures, commented on the investment, “We value the vision of Fyma creating a platform that any business person can understand, as simplicity will be a key deciding factor for corporate clients seeking to improve their businesses with data.”
“We look forward to supporting their mission of unlocking value using AI video detection and turning existing CCTV cameras into smart self learning machines which can be used in several applications ranging from security to business analytics,” said Debneel Mukherjee, founder and managing partner at Decacorn Capital.
Uses AI to get actionable insights
As per Fyma, the number of CCTV cameras installed in the world is all set to exceed 1 billion by 2021. While these are used for security purposes, most of the video data is unused. This is what Fyma intends to change by using AI to obtain meaningful real-time insights from untapped data.
Its SaaS platform extracts and analyses valuable data from live video footage and lets clients to understand and contextualise the patterns of movement in individuals – shoppers and pedestrians and objects – machinery and vehicle. The company is developing a slew of use cases across industries.
Currently, its pilots include its work with a leading shopping centre in the Baltics to understand the impact of COVID-19 restrictions on football. Fyma is working with Tallinn’s Ülemiste City, which is the city’s busiest business park to optimise the way their parking lots operate.
Being an AI startup, Fyma solution turns any new and legacy outdoor and CCTV camera into a powerful sensor, which captures real-time data and converts the same into actionable insights. As it works on an integrated system of cameras as well as computer vision algorithms, it needs relatively lesser infrastructure investment and processor power as compared to high-end camera systems. Moreover, Fyma is compliant with existing privacy policies such as GDPR.
“AI is at the core of us being able to turn terabytes of data into actionable insights. We’re aiming to demystify this complex technology and unlock value currently hidden within existing video footage. We’re making these insights easily accessible to decision makers in areas ranging from urban planning and commercial real estate to transportation and retail through a self on-boarding SaaS platform.” explained Fyma co-founder and CEO Karen K. Burns.
“The Fyma solution is also a self-learning application. This removes the burden of manually inputting hundreds or thousands of business rules or variables and significantly reduces onboarding times for clients. And as any camera can join our platform and become a sensor on existing infrastructure, the solution is much more scalable and cost effective,” added Taavi Tammiste, co-founder and CTO.
The post This European AI startup wants to convert CCTV cameras in the world into smart devices appeared first on UKTN (UK Tech News).
