Is Computer Vision in Demand?
As a fan of computer vision (CV), I have recently noticed that more and more Israeli start-ups from this arena are raising money.
Since I was interested in following whether this means a clear trend, I have examined the investments in start-ups in this field since the beginning of 2020. See an infographic of the data I’ve collected below:
After examining the data, we can see an impressive increase of 46% on average from quarter to quarter. Computer vision start-ups raised $132 million in the first quarter, $173 million in the second quarter, and $280 million in the third quarter!
Why is Computer Vision Start-up Funding Increasing?
It is surprising to see such an increase during the pandemic, but it can be explained in several ways.
Computer Vision Enables Contactless Operations
We know that these days companies and consumers are trying to reduce physical contact as much as possible, and “touchless” isn’t a bad word anymore. Therefore, companies are waiting for the implementation of these technologies.
An example of this can be seen in the high demand and urgency of credit card companies in Israel to implement contactless payments via NFC. These technologies have been waiting for many years to implement them and the consumer need to minimize interaction has accelerated the implementation of this technology.
Increase in Camera Quality, Reduction in Cost
Computer vision technology requires high-quality cameras and processors. The quality of the cameras and processors has risen miraculously in recent years, and at the same time, their price has dropped significantly. Every smartphone already has a high-end camera that allows developers to easily run computer vision (CV) algorithms.
Building a “Phygital” experience
There is a global trend of integrating experiences that are familiar from the online world into the physical world.
Predecessors’ Successes in This Field
The acquisition of Mobileye in 2017 by Intel for $15.3 billion is the largest acquisition of an Israeli company ever, placing Israel as a pioneer in this field.
Computer Vision is Expanding to New Fields
After years of seeing computer vision start-ups mainly in security and medical companies, recently, we have witnessed Israeli start-ups entering new fields such as agriculture, transportation, construction, entertainment, and more.
Here are a few examples:
- Space robots. Companies like temi and Intuition Robotics designed robots that know how to orient themselves in space and serve as human buddies.
- Drones that detect disease. Agricultural companies such as Taranis can use photos from planes and drones flying at low altitudes to detect diseases and pests before they cause crop damage.
- Smart containers. Beewise built a smart container that can house up to 40 natural hives (honeycombs) and monitor them regularly.
- Remote medical visits. Another popular use is the field of remote medicine, which has gained momentum following the Covid-19 pandemic. For example, the computer vision company Grin performs a routine examination at an orthodontist via smartphone. Another company, binah.ai, presents medical metrics only through real-time video analysis.
In conclusion, computer vision (CV) is a relatively mature field and has long passed the stage of early adopters. Therefore, it is a fertile ground for solving new and existing problems in today’s changing reality.
