Israeli smart home artificial intelligence (AI) developer Techsee has announced that it has completed a $7.5 million Series A financing round led by Planven Investments with participation of existing investors OurCrowd and strategic investors innogy, Comdata Group and others.
The Tel Aviv based company is a global leader in Visual Support Technologies for the Smart Home. TechSee revolutionizes the customer support domain by providing the first intelligent visual support solution powered by artificial intelligence and augmented reality.
The company was founded by CEO Eithan Cohen, Chief Scientist Prof. Gabby Sarussi and COO Amir Yoffe.
Cohen said, "The new investment will help TechSee leverage its strong momentum and market leadership to further accelerate its market penetration, technology development and bring innovative products to our customers and prospects. Our Investors strong network in Telecommunication, Utilities and Financial Services is a force multiplier for TechSee's leadership position in the emerging "Support of Things" category across Telecommunication, Consumer Electronics and Financial Services markets."
"As investors in innovative hi-tech companies with proven technologies and looking for active shareholders' support to attack their reference markets, we believe that TechSee fits perfectly with our investment strategy. We are proud to have coalesced such a diverse and value-added shareholders' base for this financing round, and are excited to partner with them to proactively help TechSee's management in the execution of their growth plan," said Fabio Parpajola - Investment Director of Planven and new TechSee board member.
"We backed TechSee in its nascent beginnings, and the company's explosive growth since then is a testament to the massive potential of AI-powered technologies in unexpected verticals," said Yori Nelken, TechSee board member and a Partner at OurCrowd First, TechSee's earliest investor. "We have worked closely with the talented TechSee team as they developed a disruptive cognitive technology stack paired with an agile business model that delivers exponential savings and previously untapped value to their clients."
Published by Globes [online], Israel business news - www.globes-online.com - on June 27, 2017
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