Traditional video search technologies are based on keywords and thin layer of manually generated metadata. Valossa uses artificial intelligence to facilitate natural deep content discovery. They enable automated yet very detailed real-time video metadata generation at scene level. Their video AI can detect and identify for instance people, speech, emotions, places, objects etc. This rich metadata, essentially enables computers to understand what’s going on, which in turn is a key enabler for improved human computer interaction. Obviously, the story is bigger than just video search and retrieval, which itself alone is a billion-dollar industry. In addition, there are numerous use cases, where such in-depth understanding is needed, from advanced user interfaces to self-driving cars.
“Butterfly Ventures was instrumental when we founded Valossa. While there were several years of research and technology development in the University of Oulu behind us, they have been with us from the day the company was founded. Before the investment it was mostly about getting customer validation, business models and proper business structures, including contractual help such as IP-transfer agreements. That hasn’t changed after the investment. It’s not just the money, they also share our vision and we appreciate especially the way they offer valuable, hands-on support. They are front line players.” (Mika Rautiainen, CEO of Valossa)
Before the investment, Valossa was a research team in the University of Oulu. Since 2010 Valossa technology has been used to analyze more than 300 000 TV programs and 70 000 English language movies. Butterfly Ventures has been involved with the Valossa more than year before it was founded. Valossa has filed the patents on key technologies and shortly after investment they also piloted the technology with Yle, the national broadcasting company of Finland. The financing also enabled creation of their first product, Valossa AI analysis engine, including the beta customer acquisition for it.
“Artificial intelligence is one of the major transformative forces that’s changing the world right now. Butterfly Ventures invested into Valossa because of the elegant AI driven solution for a problem that has a billion-dollar market opportunity. Furthermore, their team is ambitious, deep in the domain with several PhDs and capable of reflecting the market demand, while relying their own technology stack. Furthermore, market is hot, we see that Valossa will become household name for video analysis technology.” (Ville Heikkinen, Partner of Butterfly Ventures)
In Q3/2017 Valossa closed a 1.7M€ million financing round. The financing will be used to leap further ahead on the product side, as well as acquisition of large international reference customers.