Israel's AnyVision raises USD 235 Mn funding from SoftBank, Eldridge

Artificial intelligence-based facial recognition startup AnyVision recently announced that SoftBank and Eldridge led its USD 235 million funding round, as it witnesses increasing buyers for AI surveillance despite the ethical concerns and debates associated with it.

Existing investors also participated in the funding round and the latest funds will be used for the expansion and adoption of AnyVision's offerings.

Avi Golan, CEO of AnyVision, mentioned that the company’s technology combines with surveillance cameras and transforms them into security systems. Its website showed that it uses facial recognition functions to open secured points for authorized personnel.

Anthony Doeh, a partner for SoftBank Investment Advisers, stated that the visual recognition industry is emerging and has a huge growth opportunity in the West, and AnyVision is uniquely positioned to reinvent analytics for the physical environment across several industries.

For the record, Anyvision has formed strategic partnerships with many prominent partners in the space including Schneider Electric SE, Honeywell International Inc, and Nvidia Corp to expand its market reach. Some of its major clients are oil giant BP Plc, Macy's Inc, and Los Angeles hospital Cedars-Sinai among others.

The company faced major challenges last year, like laying off around half of its employees and cuts to research and sales due to reducing clients’ budget in wake of the Covid-19 pandemic, cited credible sources.

The layoffs and cuts were also led by investor Microsoft Corp selling its stake in the company considering the ethical concerns of its technology.

It is worth noting that Golan, formerly an operating partner at SoftBank Vision Fund, prior to joining AnyVision last year has been in important positions at Google and Intuit, and will continue to lead the company.

Director at SoftBank Investment Advisers, Amit Lubovsky, will join the board of Israel-based AnyVision as a part of the transaction.

Source Credits:

https://telecom.economictimes.indiatimes.com/news/softbank-eldridge-lead-235-mln-funding-in-israels-anyvision/84223520