Funding round includes additional support from Scribble Ventures, OCA Ventures, and Context Ventures as well as existing investors Bling Capital, Upside Partnership, and Tensility Venture Partners
Actuate announced it has closed its Series A financing of $8 million to expand the capabilities of its computer vision technology and build on the company’s growing portfolio of customers. The funding round was led by Tribeca Venture Partners and joined by Scribble Ventures, OCA Ventures, and Context Ventures, with additional support from existing investors, including Bling Capital, Upside Partnership, and Tensility Venture Partners.
About 90% of organizations have security cameras, yet many cameras are unmonitored and most data goes unused, which can endanger lives and lead to significant economic losses.
Actuate is adding a critical layer of automation and intelligence to support data-driven security decisions and enhanced vigilance. The company’s AI-powered computer vision software turns any security camera into an intruder- and threat-detecting smart camera that dramatically reduces the time it takes for security teams and law enforcement to respond to issues.
The Actuate solution integrates with any existing security camera without additional hardware, providing organizations with safer, cost-efficient, end-to-end security automation.
The software identifies safety and security threats in real time, reducing false positives by as much as 99%. When threats are detected, alerts are issued automatically to help security teams respond quickly to gun presence, intruders, social distancing violations, loitering, and other security events.
Actuate’s analytics are trusted by hundreds of customers nationwide and deployed at over 1,000 sites, including schools, offices, military facilities, construction sites, affordable housing, high-end residential buildings and industrial facilities.
“We unfortunately live in a world where active shooter events and public safety threats continue to make headlines year after year, pointing to the critical need for faster, more accurate, and privacy-conscious security management solutions,” said Sonny Tai, CEO.
“Actuate empowers security staff at the places we live, work, shop, and depend on with end-to-end security automation, helping them to do their jobs better and improve safety outcomes As we culminate a year of exponential growth, this support from our investors will be instrumental in driving the adoption of our security management platform and growing the range and accuracy of our privacy-conscious AI.”
In leveraging the new funding to expand its solution’s capabilities, Actuate is enhancing its behavior detection technology —which allows the software to detect adverse events or accidents such as slip-and-fall incidents— and further developing its all-in-one security management platform.
“With its unique AI software, Actuate is bringing physical security into the age of automation,” said Brian Hirsch, Managing Partner of Tribeca Venture Partners.
“Actuate’s end to end platform powered by unique IP solves a myriad of security and building management challenges across organizations through real-time video based analytics and automation. With professionals and students returning to offices and schools, we see a huge opportunity for Actuate’s solution to help manage social distancing concerns while cost-effectively protecting against security and safety events that can not only hurt the bottom line, but also puts lives at risk. We’re proud to support the company in its mission to ensure a safer, more peaceful future for all.”
“We started deploying Actuate’s AI models this year and the difference in both accuracy and technical support has been palpable, so seeing Actuate’s venture funding success comes as no surprise,” said Blake Ballard, Director of Operations for Louisiana-based security company Global Monitoring Solutions.
“Security teams rely on technology and tools that work proactively to ensure safety at all times. Utilizing Actuate’s exceptional platform and top-notch team has enabled us to provide a much more reliable security monitoring service to our customers, making them the only solution we’d work with.”
Actuate is an AI company building computer vision software that turns any security camera into an intruder- and threat-detecting smart camera, providing facilities with safer, cost-effective, end-to-end security automation.
Tribeca Venture Partners (“TVP”) is a NYC-based venture capital firm that partners with world class entrepreneurs primarily in the New York area leveraging emerging technologies and business models to create and disrupt huge markets.
Global Monitoring Solutions (GMS) is designed, built, and operated through the view of a dealer.Source: actuate.ai