With the new capital, Spot plans to develop VisionX 2.0, which will include features for detecting minor thefts, thefts in self-checkout areas, violent actions, and shopping pattern analysis. The company counts Walmart among its major customers, with the retail giant deploying VisionX in 450 of its stores and distribution centers in Chile. Walmart also plans to implement the technology in its Mexico operations in 2024. Spot is also in talks with Oxxo, a Mexico-based convenience store chain, to integrate VisionX across its 21,000 stores in Latin America.
Key takeaways:
- Spot Technologies, an AI startup based in El Salvador, has raised $2 million in funding from an investor group including Femsa Ventures, Bridge Latam, Daedalus, Kuiper and Casque.
- The company's flagship product, VisionX, uses deep learning and computer vision technologies to analyze consumer and theft behaviors, providing advanced capabilities such as gender and age analysis, people counting, and detection in undesignated areas.
- With the new capital, Spot plans to develop VisionX 2.0, which will include features for detecting minor thefts, thefts in self-checkout areas, violent actions, and analysis of shopping patterns.
- One of Spot's major customers is Walmart, which has deployed VisionX in 450 of its stores and distribution centers in Chile and plans to implement the technology in its operations in Mexico in 2024.