Veo Technologies raises €20 million in funding for global expansion
Danish technology company, Veo Technologies, which in the past year has experienced great success with their sports camera and AI technology, has raised €20 million in funding. The latest round led by Chr. Augustinus Fabrikker with participation from Seed Capital and existing Veo investors, will be used to expand into the global market and maintain the leading position in sports technology by e.g. expanding to new sports.
The company, which develops AI-driven sports cameras that record games without the need of a camera operator, has sold its product to almost 5,000 clubs in 79 countries since they opened for sales in 2018.
As of December 2020, over 200,000 games have been recorded on Veo cameras, and the number is set to drastically increase in coming years, as clubs are standing in line to acquire their own AI-driven device.
The camera, which was primarily built for youth squads as a segue into talent development, has been a big hit even with major professional soccer clubs throughout Europe and the US. Veo can be found on the sidelines in major soccer leagues such as the Premier League, La Liga, Serie A and Ligue 1, while also roaming the sidelines of several clubs in the MLS, including Inter Miami, Austin FC, Atlanta United and FC Cincinnati.
The €20 million injection allows Veo to further invest in product development and accelerate their ongoing global expansion, which centers on gaining an even stronger foothold in the american market.
Veo CEO, Henrik Teisbæk, believes the US is the optimal place to gain a permanent foothold.
“We’ve reached a global audience by use of our sports video and sports analysis tools, and in particular the US, which is the world’s biggest sports market, we’ve already experienced tremendous growth. The US already represents over 50 percent of our user base, which is why we’re launching a new office in Miami. That way, we can maintain momentum as we invest further into product development, while also expanding into more sports such as basketball and american football.”
‘’We’re constantly searching for future category winners and those who have the potential to becoming market leaders internationally. Veo has created a highly innovative solution and their product rates very favorably to competitive solutions indicating a promise of a potential category winner. Veo has demonstrated a product-market-fit and a promising business model with a price model that allow all clubs to benefit from their product and service. And the team has performed excellently despite many challenges’’ Says Ulla Brockenhuus-Schack, Managing Partner of Seed Capital.