Image taken from Unsplash
Singapore’s Decacorn Capital announced today it has joined the US$1.9 million seed round of Estonian Artificial Intelligence startup Fyma.
This marks the cross-border VC firm’s second investment in Europe this year.
Other investors who participated in the round include Estonia’s Change Ventures, Lemonade Stand, Superangel and UK based 7 Percent.
Fyma will use the fresh money for hiring as well as to fund its latest pilot programme that it says will help the company evaluate where it can make the biggest impact.
Also Read: Singapore’s cross-border VC firm Decacorn Capital enters Europe with an investment in Estonian startup GridIO
Started in 2019, Fyma aims to enable businesses and institutions to make better strategic planning decisions by turning conventional cameras into smart sensors. The company extracts and analyses valuable data from thousands of hours of footage, enabling businesses to understand and contextualise the patterns in which individuals (like shoppers) shop and objects (like vehicles and machinery) move.
Use cases include finding and correcting floor plan flaws in retail shops, reducing traffic in congested areas and optimising the work of private parking lots
Fyma’s solution is asset light. It does not require clients to install any proprietary hardware in the exisiting CCTV network. Its computer vision algorithms can make sense of footage recorded by both new and legacy outdoor and CCTV cameras.
What distinguishes Fyma from many other computer vision startups is its privacy-by-design approach, which anonymises facial recognition.
Some of its successful pilot projects include helping the Dubai Road and Transport Authority gather insights on the movement of pedestrians and other traffic participants and assisting the shopping centre in the Baltics understand how COVID-19 related restrictions impact footfall.
Debneel Mukherjee, Founder and Managing Partner at Decacorn Capital, said: “We liked Fyma’s founding team and their idea of democratising CCTV footage for commercial and business analytics by mining big data using AI and Computer Vision.”
Prior to this, Decacorn has joined Chinese fintech startup Qupital’s Series A+ round, which demonstrated its robust cross-border curation capabilities and ambitions of growing its global footprint.
Decacorn Capital’s other recent investments include Estonian energy tech startup GridIO, Israeli cybersecurity startup BioCatch, Perception Point and Sixgill.
The VC firm has also invested across geographies such as Israel, India, the US, China and Estonia, and is known as an investor in Snap that had exited through IPO.
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Image Credit: Nathy dog
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