Introduction
Buzzy AI startup Intenseye is set to raise new funding that is expected to triple the company’s valuation, according to multiple sources. The Series B round is being led by venture capital firm Lightspeed Venture Partners and is estimated to value the workplace safety AI company at approximately $300 million.
Rapid Investor Interest
The five-year-old company, founded by Sercan Esen and Serhat Cillidag in Istanbul in 2018, uses artificial intelligence to analyze workplace images and videos in order to identify safety issues. Intenseye generated significant interest among investors in the AI sector, leading to a quick deal formation in just a matter of days. Lightspeed emerged as the preferred term sheet in the funding round.
Funding Details
Intenseye is raising $65 million in the Series B funding round, which will support the company’s growth and expansion. The negotiation and deal process is currently underway.
AI-Powered Workplace Safety
Intenseye’s software connects to a workplace’s existing surveillance cameras and uses machine learning to analyze the resulting images and videos for unsafe behavior or hazards. The technology can identify issues such as worker body posture, danger zone violations, and whether workers are wearing appropriate protective gear. Customers have the option to run Intenseye’s tools on the cloud or on their own servers.
Customer Base and Recognition
Intenseye’s customer base includes major companies such as Coca-Cola and British textile conglomerate Coats. The company was recognized on the Forbes AI 50 list in 2022, highlighting its contribution to the AI industry.
Previous Funding and Ethical Approach
In 2021, Intenseye secured a $25 million Series A funding round led by Insight Partners. The company’s valuation at that time was just under $100 million. Intenseye ensures ethical use of AI by blurring faces and protecting the identities of individuals in the images and videos it analyzes. The company has trained its AI models on a dataset of 22 billion images collected from 25 countries.
Growing AI Investment Landscape
The latest funding round for Intenseye aligns with the significant venture capital funding pouring into AI and machine learning companies this year, exceeding $32 billion. Lightspeed Venture Partners is emerging as an active player in the AI sector, with investments in more than 35 AI companies and a total investment of $850 million.
Conclusion
Intenseye’s Series B funding round led by Lightspeed Venture Partners is set to triple the company’s valuation to $300 million. The funding will support Intenseye’s growth in the AI-powered workplace safety space and its expansion in the market.
