Spot Technologies, having secured a $2M investment, is set to expand its AI security technology to Walmart stores across Mexico

Spot Technologies, a pioneering startup based in El Salvador and specializing in artificial intelligence, recently announced a significant milestone in its journey, securing $2 million in funding. This impressive feat is set to propel the company’s ambitious projects in developing state-of-the-art cloud technology. The company, which maintains operational activities in Chile, is at the forefront of transforming retail and logistics environments. It is innovating in the field by turning standard cameras into intelligent systems, capable of conducting behavior analysis and enhancing security measures.

This recent funding round saw participation from a diverse group of investors, including Femsa Ventures, Bridge Latam, Daedalus, Kuiper, and Casque. Each investor brings unique insights and resources, contributing to the growth and expansion of Spot Technologies.

At the helm of Spot Technologies is Julio Abrego, a co-founder and the CEO, who, along with his dedicated team, initiated the company in 2018. Their goal was to revolutionize the video surveillance industry by developing sophisticated models, algorithms, and modules for computer vision. In a conversation with TechCrunch via email, Abrego shared insights into the company’s journey and its innovative approaches.

The company’s flagship product, VisionX, is a testament to its commitment to innovation. Utilizing the latest in deep learning and computer vision technologies, VisionX is designed to meticulously analyze consumer behaviors and detect theft activities. Its advanced capabilities are wide-ranging, including gender and age analysis, people counting, identification of crowd formations, and analysis of designated areas of interest. These features make it an invaluable tool for retail and logistics businesses seeking to optimize their operations and enhance security.

Despite the presence of competitors like SenseTime, BriefCam, AdMobilize, and DeepView in the market, Spot Technologies distinguishes itself through its unique approach. VisionX stands out due to its modular integration and versatility, enabling flexible incorporation of various video analysis modules. This system, as Abrego notes, is akin to assembling Lego pieces, offering unmatched customization and adaptability. Furthermore, Spot Technologies is dedicated to transforming existing cameras in supermarkets and other retail environments into advanced tools for both security and consumer behavior analysis.

With the infusion of the new capital, Spot Technologies is gearing up for the launch of VisionX 2.0, scheduled for release this year. This upgraded version promises to bring even more sophisticated features, including the detection of minor thefts, monitoring of self-checkout areas, identification of violent actions, and intricate analysis of shopping patterns.

Walmart, a major player in the retail sector, has already recognized the potential of VisionX. The retail giant has implemented this technology in 450 of its stores and distribution centers in Chile, leveraging it to optimize dispatch processes and improve inventory management. Following the success in Chile, Walmart is also planning to introduce VisionX in its Mexican operations by 2024. Additionally, discussions are underway with Oxxo, a prominent convenience store chain in Mexico, to integrate VisionX across its extensive network of over 21,000 stores in Latin America.

Spot Technologies is not just innovating in product development but is also focusing on talent acquisition and expansion. From a team of nine programmers, the company has grown to 30, with plans to further expand to 50, supported by high-profile clients like Walmart and Mercado Libre. This growth trajectory highlights the company’s commitment to bringing cutting-edge technology and top-notch talent to the forefront of the retail and logistics industries.