Japanese digital imaging products giant Canon has acquired Israeli video synopsis and machine learning solutions company BriefCam. Canon said that BriefCam's innovative video content analytics solution will complement its network video solutions products portfolio.
No financial details about the deal were disclosed but sources inform "Globes" that Canon is paying $90 million for BriefCam, a handsome return on a company that has raised $15.6 million to date, according to IVC. Investors include Motorola Solutions Venture Capital, Aviv Venture Capital and OurCrowd.
The company said that the acquisition will drive further, rapid innovation in video analytics by BriefCam as well as new co-innovation activities with Canon and its market leading portfolio companies. It will also enable BriefCam to enter new markets, deliver stronger vertical solutions, and serve its global customers even more effectively. BriefCam will continue to remain an open platform, working seamlessly with other third party products in the market ecosystem, providing customers with freedom of choice.
BriefCam president and CEO Trevor Matz said, “We are thrilled to be joining forces with a global leader in digital imaging. The acquisition will allow BriefCam to continue to deliver industry leading video content analytics solutions, while remaining a standalone company within the Canon Group. The opportunity is a testament to the innovative technology we have built, the outstanding team we have assembled, and the rapidly growing business we have created.”
With offices in Boston and Modi'in, BriefCam was founded in 2007 by CSO Prof Shmuel Peleg, Gideon Ben-Zvi, and Dr. Yaron Caspi, based on the video synopsis technology developed at the Hebrew University of Jerusalem School of Computer Science and Engineering and licensed by Yissum Technology Transfer Company of the Hebrew University of Jerusalem.
“With the acquisition of BriefCam we are once again witnessing the incredible global and commercial value of the cutting-edge research at The Hebrew University,” said Dr. Yaron Daniely , President and CEO of Yissum. “We are proud to be the bridge between the researchers and industry that facilitates innovation to reach and succeed in the marketplace.”
BriefCam has been deployed by law enforcement and companies around the world. In 2013, BriefCam played an integral role in capturing the suspects of the Boston Marathon bombings.
“With BriefCam, we can deliver an even broader range of leading-edge technology and solutions in the fields of network cameras, video management software and video content analysis software to customers and partners across the globe. We are very excited to work with such an innovative organization and we welcome BriefCam into the Canon Group,” said Masanori Yamada, Canon Inc. Managing Executive Officer and Group Executive, Network Visual Solution Business Promotion Headquarters.
With growing investment in Israeli companies from the Far East, one of BriefCam's investors, the Jerusalem-based crowdfunding platform OurCrowd, announced this morning that it is partnering with Bangkok Bank in Thailand .
"Thailand is the second largest economy in the ASEAN region and we are excited to partner with one of the country’s top financial institutions, Bangkok Bank," said OurCrowd's CEO Jon Medved. "This is a great opportunity for Bangkok Bank and OurCrowd to expand the rapidly growing and vibrant innovation ecosystem in Thailand and beyond."
Published by Globes [online], Israel business news - www.globes-online.com - on May 9, 2018
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