Finland’s Valossa, a video recognition company, has raised $2 million led by 01 Ventures with participation from Reaktor Ventures, Butterfly Ventures, and angel investor Jari Ovaskainen.

Valossa’s AI-powered tech is used to search in and understand what’s happening in a video. Content understanding is a new revenue opportunity, it said, where 82% of all consumer internet traffic is expected to be video by 2021 (per the Cisco Global Video Index).

Valossa AI, its commercial product, is a cloud-based AI video recognition platform that scans a video and identifies what’s happening, both visual and audio. The company says the technology could be used for finding themes in a video or identifying explicit content.

The new funds will be used to grow the product and sales teams. It is in the middle of several pilot programs.

“The need for descriptive, intelligent AI features for video data is rapidly growing, and Valossa has already been at the forefront of advanced video AI for the past few years,” said Eeswaran Ravaratnam, partner at 01 Ventures.

Valossa’s initial demo project was called whatismymovie.com, a movie discovery site that could search for movies based on visual descriptions.

“We are now at a tipping point for AI’s utility in the video industry, and we feel that Valossa AI can readily serve the needs of all stakeholders in the industry, from OTT providers to broadcasters to on-demand providers,” said Mika Rautiainen, CEO of Valossa.

01 Ventures’ Eeswaran Navaratnam and Butterfly Ventures’ Ville Heikkinen will be joining Valossa’s board of directors.

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