Paris-based XXII, an AI-powered computer vision company, announced on Tuesday that it has secured €22M in a Series A round of funding led by the Fonds Innovation Défense (Defence Innovation Fund) managed by Bpifrance.
574 Invest (SNCF Group’s investment fund), CIB Développement (Colas Group), Techmind, Kima Ventures, business angels, and the Duval Group, also participated.
The announcement comes three years after raising €1.5M in a Seed funding round in 2020.
XXII says it will use the funds to maintain its position as the market leader in computer vision with cutting-edge research and development, as well as in recruiting new talent.
Additionally, the company aims to deploy their technology on a larger scale, expanding into new domestic and international markets.
The company also intends to speed up their international development by focusing on markets in the US, Europe, and the Middle East.
William Eldin, CEO of XXII, says, “Our ambition is to become the world market leader in computer vision. We have all the key advantages needed to achieve this: a technological and strategic lead, strong recognition from our customers and partners, and application cases that meet operational, economic, and public challenges beyond security.”
“The market is opening up and the legislation surrounding this technology is becoming clearer. This fundraising round is a major factor in speeding up the promotion of our know-how in France and internationally and in developing our disruptive technology even faster,” he adds.
XXII: Provides computer vision technology
Founded in 2015 by William Eldin and Damien Mulhem, XXII specialises in offering a SaaS platform called XXIICORE, which enables the deployment and configuration of video stream analysis algorithms.
The platform is designed to help operational teams manage and optimise their activities in the field, leading to faster and more efficient decision-making.
With XXIICORE, users can control their video stream analysis algorithms with ease, allowing them to focus on other important tasks.
With more than 70 employees, XXII aims to democratise the use of vision technologies.
Established in 2020 by the Ministry of Defence on the initiative of the Defence Innovation Agency and managed by Bpifrance, the Defence Innovation Fund supports the growth and development of innovative companies whose dual technologies are of particular interest to the defence sector, through equity and quasi-equity investments.
“XXII is one of those disruptive startups, very promising and strategic for our country. We are now proud to have acquired capital in XXII, via the Fonds Innovation Defense, to speed up its commercial deployment and pursue its technological developments,” says Eva Clerc, Investment Director at Bpifrance.