- Veo has now raised US$113 million to further its ambitions
- Copenhagen-based startup was named one of SportsPro’s ‘Ideas to invest in’ for 2022
Danish startup Veo has raised US$80 million in additional funding to expand the reach of its artificial intelligence (AI) video camera technology.
The Series C round was led by ATP, the fourth largest pension fund in Europe, which joins existing investors Seed Capital, Ventech and Chr. Augustinus Fabrikker.
Veo has now raised a total of US$113 million, including a US$22.5 million Series B round last January, and says this latest investment will help it achieve its ambition of making its intelligent camera platform available to every sports club in the world, from grassroots up to an elite level.
The company was founded in Copenhagen in 2015 and is developing intelligent sports camera technology that automatically captures live matches and training sessions. This footage can be either live streamed or fed into data analytics platforms, helping grow audience and drive performance.
Essentially, Veo democratises the performance analysis capabilities that elite athletes have become accustomed to. Veo employs 220 people in eight countries and its products are used by 15,000 clubs in 80 countries. To date, more than one million matches have been recorded.
“Since we launched our first camera three years ago, we have seen huge demand worldwide,” said Henrik Teisbæk, Veo chief executive. “Last year, we tripled our customer base, and recently we rounded up a million recorded matches with Veo, so we have proven that the need exists out there in the sports world.
“Many of the world’s best clubs are customers of Veo today, but our long-term goal is to help clubs of all levels record their matches and training sessions. With this investment round, we can put pressure on those ambitions, and we plan to employ over 200 people over the next two years.”
“At ATP, we have a special responsibility to invest responsibly and contribute to creating the successful Danish companies of the future,” added Anja Bach Eriksson, director of ATP Long-Term Danish Capital. “Veo has managed to break through in the American market and, at the same time, maintain its production and development here in Denmark. Veo’s global potential as a Danish company is attractive to us.”
Earlier this year, Veo was named as one of SportsPro’s 20 sports tech ideas to invest in now class of 2022.