Solink, a leading provider of physical security systems including closed-circuit camera analytics, has successfully raised $60 million in a Series C funding round. The round was led by Goldman Sachs, with participation from Omers Ventures and BDC IT Ventures. The funding will be used to grow Solink’s client base globally and invest in new products.
Solink’s Journey and Growth
Founded in 2010 as a consulting group to help banks and credit unions combat ATM fraud, Solink has since expanded into cloud video security. The company’s platform enriches video feeds with data from other systems, including point-of-sales systems, allowing companies to perform a range of security monitoring tasks.
Solink’s platform has evolved to automatically adapt as cameras are added or repositioned, and it can add, remove, or modify links manually if required. The system also allows companies to add an unlimited number of users under one subscription and assign unique levels of permissions depending on rank and role.
Innovative Applications and Concerns
In restaurants and retail environments, Solink’s service can tag specific staff’s customer interactions and monitor per-staff transactions for speed and size. It can also filter for “unusual” behavior and movement in a room. The company claims that it can identify “threats” using AI, including unauthorized access to buildings and attempted break-ins, and has partnerships with law enforcement for dispatch.
However, these applications raise concerns about invasive surveillance of employees and customers. There are also concerns about the potential for bias in AI technology, as well as the risk of hacking when any camera network is put on the cloud.
Current Status and Future Plans
Despite these concerns, Solink’s system is currently monitoring more than 18,000 locations worldwide for over 800 brands, including Tim Hortons, The Container Store, and PGA Tour Superstore. The company credits the pandemic for part of this uptake, as businesses had to manage their operations without being on-site.
The market for cloud-managed video surveillance, also known as video surveillance-as-a-service, is growing, with a report from Novaira Insights predicting that the sector will grow to $27 billion in 2023.
This funding round marks a significant milestone for Solink as it continues to innovate in the field of cloud video security, setting the stage for a new era in the industry.
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