Paris-based XXII, an AI-powered computer vision company, announced that it has secured €22M in a Series A round of funding led by the Fonds Innovation Défense (Defence Innovation Fund) managed by Bpifrance.
574 Invest (SNCF Group’s investment fund), CIB Développement (Colas Group), Techmind, Kima Ventures, business angels, and the Duval Group, also participated.
XXII says it will use the funds to maintain its position as the market leader in computer vision with cutting-edge research and development, as well as in recruiting new talent.
Additionally, the company aims to deploy its technology on a larger scale, expanding into new domestic and international markets.
The company also intends to speed up its international development by focusing on markets in the US, Europe, and the Middle East.
Founded in 2015 by William Eldin and Damien Mulhem, XXII specialises in offering a SaaS platform called XXIICORE, which enables the deployment and configuration of video stream analysis algorithms.
The platform is designed to help operational teams manage and optimise their activities in the field, leading to faster and more efficient decision-making.
With XXIICORE, users can control their video stream analysis algorithms with ease, allowing them to focus on other important tasks.
With more than 70 employees, XXII aims to democratise the use of vision technologies.
Read more on Tech Gist Africa:
France-based Defthedge raise €900K in its ‘second’ round of funding