Swedish video analytics and security systems company Irisity AB (ST: IRIS) has announced the acquisition of an Israeli video analytics company Agent Vi for $ 67.5 million in cash and shares. Headquartered in Rosh Ha’ayin, Agent Vi is a veteran startup, founded in 2003 when the Israeli startup scene had many startups developing smart cameras for security installations.
Agent Vi has developed smart systems for identifying suspicious or irregular objects using video cameras at airports, power plants, colleges, etc. And for smart cities. Those who operate the systems can determine for themselves what should be considered suspicious behavior, and the system then issues warnings when relevant incidents occur. For example, a car parked along the road, an unattended package or a gathering of people. Suspects or packages can still be tracked by color or clothing.
Agent Vi sells its products directly to cities, power companies and infrastructure companies that integrate them into their management and governance systems. The company’s partners are Siemens, Convergint and G4S. Irisity was founded in 2008 and operates in the same field with most of its products sold in Europe.
Agent Vi raised $ 30 million from investors, including Motorola Solutions, 21 Ventures, Indigo Global and Chinese technology corporation Kuang Chi, although some of the investors have since sold their stakes. The company was sold for a disappointing return of about 2.5 amounts of money raised and has an annual revenue of about $ 7 million on the SaaS business model.
Agent Vi was founded by Gadi Talmon and Zvika Ashani, and is managed by CEO Itsik Kattan. The company has 40 employees in Israel, the United States and Singapore.
Irisity said: “The merger creates a global leader in advanced AI video analytics for security and surveillance with unrivaled capabilities and a product portfolio.”
Posted by Globes, Israeli Business News – en.globes.co.il – September 5, 2021
Copyright by Globes Itonut (1983) Ltd. 2021