Cipio Partners, a group led by Mattias Kamprad, the billionaire son of IKEA's founder, has invested $20 million in venture capital into Spideo, a Swedish company that provides AI-powered video and analytics software to teams in the NBA, NHL and English Premier League.
Spideo makes automated video products used in sports for player training and multi-angle replays for referees. For example, Spiideo camera systems are installed in every stadium in the NWSL. The company recently partnered with ESPN, one of its 4,000 other clients, to use Spiideo camera systems to automatically stream 400 academic games played each week at its Orlando Wide World of Sports facilities.
The latest investment round marks the first investment in the company by German technology firm Cipio. Kamprad, along with his brothers, owns Ikano Group, which was originally set up to manage Ikea properties. Other investors in the round include Swedish executives Måns Hultman and Håkan Roos. The deal was announced on LinkedIn on Wednesday, and Spideo was advised on the private placement by global technology specialist investment firm Drake Star.
With its latest funding, the company plans to expand its product, AI, international sales team, and other staff groups. According to Spiideo, more than half of its revenue comes from North America. Other leagues that frequently use the company's product include Germany's Bundesliga, MLS, and NCAA. Clubs around the world that use the company's product include Major League Soccer's LA Galaxy, Serie A's Inter Milan, and Premier League's Brentford and Wolverhampton. According to a case study on Spiideo's website, college teams such as Virginia Tech basketball use the automated feeds to help coaches provide quick feedback to players during training.
