“Actuate empowers security staff at the places we live, work, shop, and depend on with end-to-end security automation, helping them to do their jobs better and improve safety outcomes,” said Sonny Tai, co-founder and CEO of the AI startup company. “As we culminate a year of exponential growth, this support from our investors will be instrumental in driving the adoption of our security management platform and growing the range and accuracy of our privacy-conscious AI.”
Leading the latest Series A financing for the startup AI business was Tribeca Venture Partners. Other investors, including Scribble Ventures, OCA Ventures, and Context Ventures, also backed Actuate in the funding round. Furthermore, the AI startup company was met with additional support from existing investors, including Bling Capital, Upside Partnership, and Tensility Venture Partners.
In total, Actuate has raised over $10 million for its company from investors. The newest capital raised for the AI startup business will be used to grow its customer base and further develop its AI security camera software.
Advanced Threat Detection
Co-founded by Tai and entrepreneur Ben Ziomek, Actuate aims to improve security camera functionality by introducing software designed to interpret video capture and detect threats and other security events. The software developed by the startup business easily integrates with existing surveillance setups, so there is no need for users to purchase any additional hardware.
Cameras that have integrated the AI security software from the startup company are given a substantial upgrade when it comes to threat detection. The AI platform built by the startup business is capable of identifying firearms with 99% accuracy and automatically sends alerts to security personnel when a threat is detected. Actuate is also able to isolate other security issues, such as when COVID-19 safely protocols like social distancing are violated.
“With its unique AI software, Actuate is bringing physical security into the age of automation,” said Brian Hirsch, Managing Partner of Tribeca Venture Partners. “With professionals and students returning to offices and schools, we see a huge opportunity for Actuate’s solution to help manage social distancing concerns while cost-effectively protecting against security and safety events... We’re proud to support the company in its mission to ensure a safer, more peaceful future for all.”
Tapping Into the Smart Camera Industry
Market research projects the global smart camera market to reach $9.17 billion by 2026. Advancements in AI security technology have allowed the startup company to position itself in a rapidly growing market full of potential clients and opportunities.
The startup business plans to further expand on the capabilities of its threat detection platform to increase its range of applications. In the future, Actuate hopes to identify accidents such as dangerous falls and other injuries.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.