Spiideo, a Swedish company that makes AI-powered video and analytics software used by teams in the NBA, NHL and English Premier League, has secured $20 million in venture capital investment from a group led by Cipio Partners, which includes Mattias Kamprad, the billionaire son of the founder of retail giant IKEA.
Spiideo makes automated video products for sports applications, such as providing multi-angle replays for use in training referees and players. For example, every stadium in the NWSL has a Spiideo camera system installed. The company recently signed a deal with ESPN, along with 4,000 other clients, to use Spiideo camera systems to automatically stream 400 school sports games each week at its Orlando Wide World of Sports facilities.
The latest investment round marks German technology firm Cipio's first investment in the company. Following an earlier investment in Spiideo, participation in the round was also made by Kamprad, who together with his brothers owns Ikano Group, which was initially set up to manage IKEA properties, and Swedish executives Måns Hultman and Håkan Roos. Global tech-focused investment bank Drake Star advised Spiideo on its private placement and announced the deal on the firm's LinkedIn page on Wednesday.
The company plans to use the funding to expand its diverse team of employees across product, AI and international sales. Spiideo says about half of its revenue comes from North America, and it also lists MLS, NCAA and Germany's Bundesliga as leagues where its product is frequently used. Clubs around the world using its products include Premier League's Brentford and Wolverhampton, Serie A's Inter Milan and MLS' LA Galaxy. According to case studies on Spiideo's website, college teams such as Virginia Tech's basketball team use the automated feeds to give coaches instant feedback to players during practice.
Spiideo doesn't disclose revenue, but Cipio said it typically invests in companies with annual sales of 10 million to 50 million euros (about $11 million to $53 million). Other existing investors include NavisionGroup, the family office of Danish shopping tycoon Peter Jain, Swedish government-owned venture capital firm Almi Invest and Lund University, according to information compiled by S&P Global Market Intelligence. Spiideo was founded in 2012 and has raised $40 million to date.
