VentureBeat reports on two new high fundings for startups developing artificial intelligence. Umbo Computer Vision (UCV) works on autonomous video security systems to businesses, while Xor is developing an AI chatbot platform for recruiters and job seekers. Both startups are located in San Francisco, and UCV is a joint venture with Taiwan and has a base there and in the UK too. UCV raised $8 million for its Ai-powered video security, while Xor managed to raise $8.4 million for its project.
Xor’s capital infusion came after a year in which the startup tripled its sales in the US, “reaching $2 million in annual recurring revenue and closing deals with over 100 customers in 15 countries, including ExxonMobil, Ikea, Baxter Personnel, Heineken, IBS, Aldi, Hoff, McDonald’s, and Mars.” As the company co-founder and CEO Aida Fazylova explains, she “started the company to let recruiters focus on the human touch — building relationships, interviewing candidates, and attracting the best talent to their companies. Meanwhile, AI takes care of repetitive tasks and provides 24/7 personalized service to every candidate. We are proud to get support from SignalFire and other amazing investors who help us drive our mission to make the recruitment experience better and more transparent for everyone.”
Xor’s chatbot “automates tedious job recruitment tasks, like scheduling interviews; sorting applications; and responding to questions via email, text, and messaging apps like Facebook Messenger and Skype. The eponymous Xor — which is hosted on Microsoft’s Azure — draws on over 500 sources for suitable candidates and screens those candidates autonomously, leveraging 103 different languages and algorithms trained on 17 different HR and recruitment data sets.”
According to Grand View Research, the chatbot market is expected to reach $1.23 billion by 2025, while Gartner predicts that chatbots will power 85% of all customer service interactions by the year 2020.
For its part, Umbo develops “ software, hardware, and AI smarts that can detect and identify human behaviors related to security, such as intrusion, tailgating (when an unauthorized individual follows someone into private premises), and wall-scaling.”
The company says it has developed its AI systems entirely in-house, and their system incorporates three components.“AiCameras are built in-house and feature built-in AI chips, connecting directly to the cloud to bypass servers and video recording intermediates, such as NVRs or DVRs. Light is AI-powered software for detecting and issuing alerts on human-related security actions.” There is also “TruePlatform, a centralized platform where businesses can monitor and manage all their cameras, users, and security events.” As Shawn Guan, Umbo’s cofounder and CEO points out, the company launched Umbo Light, “which implemented feedback that we gathered from our customers about what their primary wants from video security systems were. This allowed us to design and deliver a system based on the needs of those who use it most.”
The global video surveillance market, which is now practically relying on the use of AI, was pegged at $28 billion in 2017 and is expected to grow to more than $87 billion by 2025.