Dublin Tech Companies Kinesense and Overcast announce €1.5m in funding for disruptive AI video platform
Irish tech companies, Kinesense and Overcast announce €1.5m in funding under the Government’s Disruptive Technology Innovation Fund. The companies are jointly developing a cloud-native platform that uses Artificial Intelligence and Machine Learning to quickly categorise and understand video content, revolutionising video technology in both the security and entertainment markets.
This project will position the companies as global leaders in cloud-based video processing and analysis solutions.
Key Project Facts:
- €2.6m project over 3 years, €1.5 from DTIF
- Supporting up to 46 new jobs
- Targeting €50 billion global market
- Estimated €9m new sales by 2024
- Project name: VISP: Video Intelligent Search Platform
There are now billions of hours of video content created each year for everything from CCTV security to entertainment and business. Globally, video will account for 82% of all internet traffic by 2022. The challenge is to make it searchable – to be able to automate the analysis, tagging and categorisation of the content without having to watch it.
The two SMEs are part of a larger consortium bringing together innovative Irish companies with divergent technologies and expertise. Kinesense develops video analytics algorithms to enable the automatic searching of video content. Specialising in Artificial Intelligence, Kinesense currently focuses on the law enforcement and security market. Overcast provides cloud-based solutions to specifically support video retention, analysis, search and distribution. Focusing on the media industry, Overcast has built a cloud platform and works with media giants including Amazon Web Services, Avid and Vodafone. Trinity College Dublin has extensive experience with digital signal processing and machine learning research which has already led to successful deployments on Youtube.
The Disruptive Technologies Innovation Fund is a €500 million fund established under Project Ireland 2040 and is run by the Department of Business, Enterprise and Innovation with support from Enterprise Ireland.
Kinesense CTO Mark Sugrue said:
“The security and law enforcement market is struggling to keep pace with the amount of video content that it generates and that is sent to them from the public. A single police department can create more than 1 petabyte of content per year – the equivalent of 13 years of HD TV. Only now is it becoming possible to make that content instantly accessible.”
Overcast CEO Philippe Brodeur said:
“The entertainment market is consolidating and there is a massive demand to make it easier to manage video content. As the company that is leading the development of solutions for all video workflows, we are delighted the Irish Government has backed us to develop a global standard for video asset management. The investment will help us to hire new people and move faster into a market under disruption.”
Trinity College Professor Anil Kokaram said:
“Video content dominates internet traffic and the rise in social video sharing makes it inevitable that there is a shared technology substrate between entertainment and security video workflows. Our work with YouTube and Cinema Post Production has shown how rapidly video streaming technology is evolving to exploit the latest in Machine Learning and Digital Signal Processing algorithms. We are delighted to have the support of the DTIF fund helping to fuel our part in this agile consortium.”
Both Overcast and Kinesense are supported by Enterprise Ireland and are High Potential Start-Ups.
For more information please contact:
Philippe Brodeur
+353 86 834-7881
Philippe@overcasthq.com
Mark Sugrue
+353 86 809-9012
mark@kinesensevca.com
Kinesense Website
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