Estonia-based computer vision startup Fyma has secured $1.8m in seed funding to double its headcount and launch new pilot programmes for its software, which can turn any CCTV camera into a sensor for gathering real-time data.
Change Ventures led the funding round with participation from 7 Percent, Decacorn, Lemonade Stand, Tiny VC and existing investor Superangel.
Angel investors, including two former TransferWise executives, also contributed funds.
It brings Fyma’s total funding raised to date to $2.1m.
The Tallinn-headquartered startup says its computer vision platform can provide useful insights for businesses from existing security cameras.
This could include footfall patterns in shopping centres, vehicles in car parks or machinery in industrial settings.
Fyma, which stands stems from ‘for your motion analytics’, currently has a pilot underway in a shopping centre in the Baltic region. Its AI-powered software is analysing video footage to understand the impact of Covid-19 restrictions on footfall and to make better use of the space.
Another pilot with Tallinn’s Ülemiste City business park is underway to optimise car park spaces.
“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,” said Fyma co-founder and CEO Karen K. Burns.
“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 onboarding SaaS platform.”
There are an estimated 770 million CCTV cameras installed around the world today, representing a large potential market for Fyma to tap into.
According to Markets and Markets, the global AI computer vision market is estimated to reach $25.32bn by 2023.
The company says its software-as-a-service platform is compliant with privacy policies such as GDPR. Its software does not perform facial recognition and anonymises the data is analyses.
Rait Ojasaar, partner at Change Ventures, said: “So far, many computer vision startups have been marketing their solutions as tools operable by specialised technology teams, which limits application. 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.”