On Oct. 9, Umbo Computer Vision, an AI company developing autonomous security systems for enterprises, announced that it has secured a $8M post-A round, pushing its total VC funding above $17M. The investment round is co-led by Translink Capital and Susquehanna International Group, with the participation from Taiwan's Shin-Kong Capital and Shin-Kong Security as strategic investors.
With offices in Taipei, San Francisco, and London, the company is using the new capital to accelerate global expansion while optimizing its current portfolio of AI-powered security products: Light (image recognition system), AiCameras (cameras with built-in neural network implementation), and TruePlatform (cloud-based security management platform).
"We are excited to work with a company that is paving the way for AI and surveillance technology," Jackie Yang, Co-Founder and Managing Partner of Translink Capital, said, according to Bloomberg. "Combining AiCameras, TruePlatform and Light, Umbo is providing a working solution that surveillance industry has been looking for over a decade."
Shawn Guan, Umbo's CEO, said that the company's mission is to "bring computer vision technology to new customers worldwide and provide simple, yet powerful protection that anyone can use." Integrating the three main products, the company envisages to build an instant image recognition system with human visual acuity.
Umbo has served over 200 enterprise customers, including hotels, schools, construction sites, and warehousing and logistics services providers last year.
Shin-Kong Security, one of the strategic investors, said: "Through Umbo's AI technology, we will be able to expand our customer base." Launched last year, the company's image recognition system Light has proved its capability of processing 2.1 billion images per year.
Its clients also include Taiwan's Ministry of Justice, the judicial branch of the government; prison managers will receive warning messages from its system when inmates gather in large numbers or even started to attack each other.
Umbo has secured orders from three system integrators based in the US and planned to collaborate with several companies in Japan and Europe. The recent US decision to blacklist Chinese video surveillance firm Hikvision, as well as facial recognition companies SenseTime and Megvii Technology, can also open the door to new business opportunities.
To pull ahead of its competitors, the 5-year-old startup will focus on tech innovation as mid-term goal while recruiting talent from in academia or from related industries, Hardware VP Antony Ko said. The long-term goal will be to list on the Nasdaq as a Taiwanese startup.