French AI-powered computer vision firm XXII has announced a €22 million Series A with plans to expand its international and domestic markets - US, Europe and the Middle East - and accelerate recruitment.
The round was led by Fonds Innovation Défense (Defence Innovation Fund) managed by Bpifrance, and includes 574 Invest (SNCF Group’s investment fund), CIB Développement (Colas Group), Techmind, Kima Ventures, original investor Duval Group, and angel investors.
"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.
The software XXII uses AI to speed up surveillance and decision making by extracting real time data from video imagery. SaaS platform XXIICORE configures video stream analysis algorithms helping operational teams to
control and optimise their activities in the field.
"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.
"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 the vision and competence of William, 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.