Gorilla lands $15m to develop video IoT analytics
January 8, 2019
Taiwanese video IoT analytics company Gorilla Technology has secured $15m in D-round funding from SBI, a Japanese financial services company that makes active investments in fintech, AI and blockchain.
Gorilla specialises in edge AI and computer vision and the funding comes ahead of its participation at this week’s Consumer Electronics Show in Las Vegas.
The funding marks SBI Investment's first investment in a Taiwanese, AI-focused company and will give it a minority stake in Gorilla Technology. Gorilla plans to use the investment to enhance its AI and video analytics algorithms for the financial tech space, work towards cementing a worldwide sales and marketing presence, and expand the company footprint in Japanese markets.
“SBI's investment follows the establishment of the SBI AI & Blockchain Fund earlier this year,” said Tomoyuki Nii, executive officer of SBI Investment. “The SBI group is actively involved in introducing AI to financial institutions in Japan, and strongly believes in the future of this field.”
Gorilla Technology approached SBI based on its work creating viable technology for edge AI, where edge devices process priority AI algorithms locally, and allow real-time intelligent results, while cloud and server-based AI is coordinated over a smart and optimised network connection. Based on its future AI vision, Gorilla was also recently certified on Intel's OpenVino toolkit, which the company has used to improve computer vision and video analytics in the manufacturing, retail, healthcare and transportation industries.
“Financial companies worldwide have started tapping on the video analytics and facial recognition door as cyber-security threats continue to grow and expand in 2019,” said Spincer Koh, CEO of Gorilla Technology. “We are committed to creating new avenues of success and security for the fintech markets, and we strongly believe the next natural step is to expand edge AI, computer vision and data as a service. SBI Group's investment into our company and vision strengthens our position as an edge AI leader. It's a key driver towards our goals in video analytics technology, and keeps Gorilla positioned at the forefront of video AI technology. We can't wait to see what the future holds.”
Gorilla Technology completed A, B and C investment rounds in 2007, 2009 and 2015, respectively, by tapping EMC for A and B rounds, while Telstra Ventures and Acer were the main C round investors.
Gorilla develops its own AI and video analytics platforms from its research and development facility in Taiwan and, in June last year, Intel announced Gorilla as the first certified video analytics product on its OpenVino IoT toolkit.
Gorilla Technology is a privately held company established in 2001. It specialises in video intelligence, network intelligence and IoT technology. The company has developed a range of video-centric and content management applications including smart retail, smart school, smart enterprise, smart surveillance and broadcast media. In addition, Gorilla provides security convergence to government institutes, telecoms companies and private enterprises with network surveillance and cyber security.