XXII is raising €22 million to become the world leader in AI computer vision
Paris, March 21 - XXII, a French start-up created in 2015 and developing a real-time video stream analysis solution using artificial intelligence is proud to announce a €22 million Series A fundraising round led by the Fonds Innovation Défense (Defence Innovation Fund), managed by Bpifrance, alongside 574 Invest (SNCF Group's investment fund), CIB Développement (Colas Group), Techmind, Kima Ventures, business angels and its traditional investor, the Duval Group.
"Our ambition is to become the world market leader in computer vision. We have all the key advantages needed to achieve this: a technological and strategic lead, strong recognition from our customers and partners and application cases that meet operational, economic and public challenges beyond security. The market is opening up and the legislation surrounding this technology is becoming clearer. This fundraising round is a major factor in speeding up the promotion of our know-how in France and internationally and in developing our disruptive technology even faster" says William Eldin, CEO of XXII.
This €22m Series A round follows a €1.5m seed funding round in 2020, a patent filed in August 2021 and a nomination as a FrenchTech DeepNum20 winner in October 2022.
This operation will enable the start-up to meet several challenges:
- Maintaining its position as market leader in computer vision with cutting-edge R&D and recruiting new talent
- Mass deployment of its technology
- Addressing new markets and speeding up international development in the US, Europe and the Middle East
Investing in people and technology to develop new uses beyond security
With XXII having just been recognised as a gem of French DeepTech, with the Olympic and Paralympic Games - catalysts for innovation for France - opening in Paris in July 2024 and with the global benchmark Gartner Hype Cycle of September 2022 having confirmed that computer vision is one of the future markets in which to invest, the start-up is now intensifying its market conquest strategy:
- Increasing the workforce: Recruitments of Tech and Business profiles are planned in the next 18 months
- Democratising the use of AI computer vision: Building on the success of its security applications for the automatic management of urban street lighting and the detection of outbreaks of fire, abandoned luggage, baggage falls and illegal dumping, XXII also intends to focus on the development of specific applications for the retail, production and logistics sectors
- Developing disruptive video technology and maintaining a technological lead: By speeding up the development of the uses of AI-assisted computer vision well beyond the traditional security angle, XXII wishes to consolidate its technological lead. This ambition is based in particular on the development of Synthesis Data, Edge and Cloud Computing, Generative Design and the development of new Artificial Intelligence techniques.
Paris, March 21 - XXII, a French start-up created in 2015 and developing a real-time video stream analysis solution using artificial intelligence is proud to announce a €22 million Series A fundraising round led by the Fonds Innovation Défense (Defence Innovation Fund), managed by Bpifrance, alongside 574 Invest (SNCF Group's investment fund), CIB Développement (Colas Group), Techmind, Kima Ventures, business angels and its traditional investor, the Duval Group.
"Our ambition is to become the world market leader in computer vision. We have all the key advantages needed to achieve this: a technological and strategic lead, strong recognition from our customers and partners and application cases that meet operational, economic and public challenges beyond security. The market is opening up and the legislation surrounding this technology is becoming clearer. This fundraising round is a major factor in speeding up the promotion of our know-how in France and internationally and in developing our disruptive technology even faster" says William Eldin, CEO of XXII.
This €22m Series A round follows a €1.5m seed funding round in 2020, a patent filed in August 2021 and a nomination as a FrenchTech DeepNum20 winner in October 2022.
This operation will enable the start-up to meet several challenges:
- Maintaining its position as market leader in computer vision with cutting-edge R&D and recruiting new talent
- Mass deployment of its technology
- Addressing new markets and speeding up international development in the US, Europe and the Middle East
"XXII is one of those disruptive start-ups, very promising and strategic for our country. We are now proud to have acquired capital in XXII, via the Fonds Innovation Defense, in order to speed up its commercial deployment and pursue its technological developments. We are convinced by William Eldin's vision and of his ability to implement it on a global scale," says Eva Clerc, Investment Director at Bpifrance.
"I am happy to have supported this fine company since its inception. I am convinced that XXII is transforming the industry with innovative technology and forward-thinking solutions. As a board member, I was impressed by thevisionandcompetenceofWilliam, the founder, and his teams. We are determined to continue to support this company in its development and to help it fulfil its ambitious roles." says Pauline Duval, Managing Director of the Duval Group.
"Through this fundraising, 574 Invest confirms its close relationship with XXII and its desire to support its development. This smart video solution proposed by XXII, a partner of our railway security teams, will help our agents in their role of ensuring a secure railway network, which is a key issue for SNCF," adds Lucas Rudolf, Director of Venture Capital at 574 Invest, SNCF Group's corporate venture fund.
"We are proud to contribute to the development of XXII, a pioneer in Computer Vision, a promising technology that is gradually transforming many business sectors. With this investment, Colas is confirming its ambition to speed up the use of Computer Vision, on one hand to design innovative services for its customers and, on the other hand, to support its operational excellence", says David Lerouge, Director of Innovation at the Colas Group.
"We are delighted to be able to support XXII in becoming the world market leader in computer vision solutions, particularly in the area of smart cities and logistics. The team, led by William, has demonstrated its strong implementation capacity and understanding of market issues to deliver a robust artificial intelligence decision support solution while respecting privacy." says David Domingues, Managing Partner of Techmind.
