PointGrab, on October 25, 2016, announced a new strategic investment amounting to US$7 million in CogniPointTM, its edge-analytics sensing solution for smart buildings. The investment comes from new partners Philips Lighting (a global leader in lighting), and a venture capital arm of MUFG (Japan’s largest financial group) namely Mitsubishi UFJ Capital Co. Ltd (MUCAP). The new investors join with PointGrab’s existing investors such as ABB Technology Ventures (ATV) and others.
PointGrab is a machine learning and computer vision company that provides smart sensing solution to the building automation industry. The company has a distinguished deep-learning technology which applies to the automation ecosystem of buildings – an area with numerous opportunities to gather data but lacking in efficient, real-time analytics.
The company’s solution, CogniPoint, provides the industry’s leading ‘occupant activity analytics’ which allows for effective building space management and hence improves the operational efficiency of buildings. The sensing solution is able to provide analytics precision in detecting occupants’ locations, their count and movements in a building by equipping cost-effective, miniature, interconnected optical sensing devices with the latest deep learning neural networks technology.
Itamar Roth, the Chief Business Officer at PointGrab, while informing about the benefits of the technology, said, “CogniPoint’s ultra-intelligent edge-analytics sensor technology will be a key facilitator for capturing critical data for building operations optimization, energy savings improvement and business intelligence.” He also welcomed the new partners and emphasized that CogniPoint valued their significant contribution in fulfilling its strategy of enabling truly intelligent buildings.
Jacques Letzelter, Global Segment Leader, Office & Industry, Philips Lighting, commended PointGrab by stating, “PointGrab has developed truly industry-leading sensor technology. Being a strategic investor gives us a strong competitive edge at a time when our customers are demanding people counting for space optimization. Incorporating this functionality in our connected lighting systems will enable us to address a larger market and further capitalize on our position as the lighting company for the Internet of Things.”
CogniPoint’s existing investors also commented on the technology. AVT’s Group Vice President Head of Technology, Dr. Kurt Kaltenegger stated that CogniPoint’s solution complemented ABB’s technology as a pioneer in building automation solutions. “We expect this collaboration to bolster development efforts and expedite new product introduction,” he said.
Similarly, Muneki Handa, President of MUCAP, said “Edge-computing like the CogniPoint solution is a new trend in the cloud computing era.” He added that with the investment, “the synergistic effects between PointGrab’s smart analytics solution and MUCAP will greatly benefit the Japanese market.”
As part of ongoing collaboration projects, PointGrab has installed CogniPoint smart sensors in numerous customer sites, and the solution will be available in early 2017.
More information can be found at: Business Wire.