Irisity CEO Speaks About Ultinous Acquisition And Future
Publicly traded video analytics developer Irisity (who acquired Agent Vi in 2021) has now acquired Hungarian video analytics developer Ultinous.
Last year, a Milestone executive left to become Irisity's CEO, personally investing in the company (see Irisity CEO / Ex-Milestone Exec Keven Marier Interview).
Now, with the company making another acquisition, reporting 100%+ YoY growth in Q4 2023, and his former employer Milestone consolidating Briefcam, Irisity's most significant direct rival, what is Irisity's CEO plan for the future?
This note shares our interview with Irisity's CEO, examining its ambitions and challenges.
Executive *******
******* *** ********* *** ********* ***** to **** ******* **% ********, ******** both **-******* *** ***** *********. ** Irisity ******** *** ****** *****, ** will **** **** * ******* **** just **** $** ******* ** ****** revenue ** *** **** **** $** to $** ******* ** *** **** five *****. *** **** ********* ** how **** ******* ** ******* **** far, *** ****** ****** *** *** providers *** **** ******* ***** *********. Irisity **** **** ** ***** **** it *** ******* ********** ********* ****** for * ***** ** * ****** segment (*********** *********) ***** **** **** struggled.
*** **** ***** ******** ***********(*** ***** **** **** ~$*.* ******* USD) ** ** ****** *******'* ********** (adding ** ****** *****), *** ******** an **-******* ******** *** ******** ** its ~**-****** ********** **** ************ ** developing ****** *********. ************, **** ****** Irisity ** ****** *** ************ ******** as ******** *** * ******** ******** in *** ** (********, *******). *******, as ******* ****** ******, ******** *** not **** *********** **-**-****** **********, ** Irisity **** **** ** ***** **** into *** ************ *** **** **** it *** ****** ********'* *****.
**** **** ** *** ***********, ******* is ******* ******* ** ********** ********* and **** ******* ********* **** **** is ******* *****-** **** ******* / VMSes, *** ***** **** ** ** added ****. ** ****, **** ***-***** use *****-** ****** ************* ********* (***:******** ***** ******** ********* ****).
** *** ******** **** *** *******, one ** *** ******* ***********,********, *** **** ************ **** *********, *** **** ** ********'* ***** VMS ******** *** **** *********'* ***********. They **** ****** ******** ************ ** Briefcam / *********. **** **** ****** opportunities *** ****** *** ******, ****** how **** **** ******* ** ******* that (*** **********) ****** ***** **** its ***** ********** ********* / ******* niche ****** ******* ******* ** ** seen.
Irisity **** *** ~**% ****** ******
******* *** **** **** $** ******* in **** ****** *******. *** ******* aims ** **** ****** **% ***.
** ** **** ** *** **** year ******** ****** ****** ****, ** want ** ******** ** **** ********** trajectory. ** **'** **** ****** **%, we **** ** ******** ** **** in **** ********** ****.
** ******* ******** ***** *****, *** revenue **** **** ** $** ** $40 ******* ** *** **** **** years, ****** *** **** **** ******* remains ** ** ****.
Irisity **** ** ** ****** *** ** *** ** *******
******* ******* ** **** *** ********* itself ** * *** ****** ** this ***** *********** ********* ****** ******* as *** *** *********:
** **** * **** **********, ** expect ** ** * ******** ** be * ****** *******. ******** *** in *** ***** *** ** *** opportunities *** *&* ********* *** *****. A *** ** ********* **** ***** pretty *********** ****, *** **** ****** to ***** *** ** ** ******, and *** **** ** ** ****** is ***** ** ***, *** *** best ****.
** ***** **** ** ** *** number *** ** ****** *** ****** this *******, ** ** ***********, ******** provider.
***** **** *********** ***** ******** ********* are * ***** ********, **** ** possible, ****** **************, ***** ********* ***** / ***** **** ** ** ****** / ******** *********.
*******'* *** ************ ***** ***** ********* but **** **** ** ********:
* ***'* ***** *** ****** *** really *** **** [**** *** ******* majority ** *** ******,]*** ****** ** extremely **********. *** **** ******* ********* like ****, ********, ****** *** **** vast *********, *** **** **** ******** to ***** ******* *******. * ***'* see **** ** ***********. * *** them ** ********. * *** **** helping ***** *** ******** *** ** will **** **** **** ** ** open ********.
*** **** *** ******* *** ***** independent ***** ******** ********* ** *** extent **** ***** "******* *********" ****** their ***** ******** ********* *** *** increasingly ******* **** *** ***** *********.
Ultinous, ****** ********** ****
****** ********* *** *********:
** *** * **** ****** ********** team [********], **** ** **** *******, and **** **** ****. **** ***'* have * *** ********** ** ** market ** **** **** ******** **** synergies ** ** ** ** **** a **** ********** *** ** ** market ************, ***** **'** ***** **** year ******** **. ** *** * good *********** ** **** ** **, and *****'* ***** ** ** ****** like ****, *** *** **** ** have *** ***** *********** ** ** to ****** *** **********.
***** ** ******** ****, ******** *** ~20 *********, ***** ******* *********:
******* ********* **** ********* *** ******** prior ** **** ********* ******** *** that ******* ***** ** ***** ** from ***** **** *** *****.
Ultinous ********* ******* *** ***** ********
*******'* *** ********** **** *********** ***** their ******** ******* ***** *********** ***** technology / *********** ********:
********* ** * ***** *******, ** their *********** ******* *** ** *** direction ** *** ** ***** **** fast, *** *** **** ******* ** model ********, ***** ************, *** **** annotation. **** ***** ** ****** ******** building ******, *** ******* **** **** the ****** *******. * ***** **** I *** ***** *** **** *** very **** **** *** **** ********, giving **** ** ********* ******* ** our ********.
Four ******** *********, *** *********
***** ***** **** **** ******** *********, Irisity, *********, ***** **, *** ********, the *** ********* ***** *** *** two *********: ****+, ***** *****-***** ********, and ********, ***** **-**** ********. ** adds ***** *** ***** *** *** cloud *** **-**** ********* ** ** integrated:
**** **** **** ******** *** ** will ***** * ********** ***** *** can ******* ** ******** **** **** the ****+ ****. **** **** ** something **** ** **** **** ** once **'** ****** *** ******.
** ****, ******* ********* ***** ***** on-prem *** *****-***** ******* ** ** tightly **********. **** ***** ** ******** for **** ********* ** **** ******** as **** ***** ***** **** ******* locations *** ***** ****** ** ****** multiple ******* ** * ****** *****, e.g., (*****-***** ******* *** ******* ***** / ****** ***** *** **-**** *** large, *** ******** **** ******** / in * "****** **** ** *****" rather **** ************ **** ** ****).
Adds ****** ****** *****
***** ** *** ******* ******* ** Intel ******, *** ******* *** ******* to ***** ** * ******* **** had ** ****** *****, ***** ******* has:
*****, ** ****** ** ** ****** Jetson ***** ** ********** *** ********. Agent ** ******* ** *** ***** stack, ******* *** **** ******* ** the ******* *****. ***** ** *** on * ***** ***** ***** ** the **** *** ****, **** ** RedHat ********* *** ******. **** * was ******* *** *** * ******* that ***** ***** ** **** ** NVIDIA ****** *****, *** **** ***** in ** ****** *** *** **** stack.
Building "** **** ********"
****** ********** ***** ****, ******** ********* to ****** ***** ********* ********. ******* expands ** *** "***** ** ******":
** ******* ** ** **** ******** is **** **'** ********, **** *** power ** ****** **** ******** ** the ******* *****. ** ******* ******* ARTPEC-7 *** ******-*, *******'* ******* ** Ambarella. ** **** *** ***** ***** wanted ** ***** ** * ****** Jetson ******** ***** ** **** ** a ***** ** ***** ***. ** this ***** ** * ***** ********* on *** ******* ****.
** **** **** ** ****** [******] Wisenet ****'* ****** ****, ** ******* both ** ******** ****** *** **-**** or ***** ***** ****. **** ***** us * ***** *********** ****** *** the ***** **** ** **** ******* on *** ***** ****.
** ********, ******* *********** *** ******* to **** ******** ** ********* / are ******* ** ****** ***** ******** options, ******** **** ** ******* ********* that **** ** ****** ** *** "standardized" ******** ************ / *****, *.*., Axis, ******, ******, *****, **, ***.
** *** ***** ****, **** **** engineering ********** ** ******* ********** ******** versus ****** **** ***** *****-** *********.
Adds ********** *********** ****
******** ** * *******-***** ******* *** brings ** * ***** *********** **** for *******. *** *** ********* ** how *** ******** ***** ****** **** one *******:
******** *** ***** ** ************ ** Budapest. **** ******* ** * ***** development ****, *** ********* ** ****** and ***** **** ** ********** *** different *********** *****. *** *** **** site ******* ** ***** *** *** Google ****, *** ********** ***** *** development **** ** ********** ** ******* on *** ****** ***** ********, ***** are **** ** ******** ** * service, *** **** *** ******* ** growth *********** ******** ** **** ****** personalized ******** ** ****** ********* ********* for ********* ** ************* **** *** Stockholm *****, ***** ** *** ** the ***** ********** ** *** ***** with ****'* ****** ********* ******. **** bringing ******** ** ********, ** *** EU. ** ***** ** ******* *********** site, *** ****'* ******* ** ******* safety *** *****.
** ******* ** *** ******** ******* on ****** "******" ********* ****** **** Agent ** ** ******* ******* **:
*** ** ** ******* ***** ******** focuses **** ** **** ****** **** Agent ** *** ******* *** **** more ******* ** *** ********* ** intrusion *** *****. **** ***** ** another *** ** *** *****, *** we *** ****** ***** *** **** will ***** **** ********.
On-Prem ********
***** ******* ** ******* ******* ** the *****, ** ********** **** * cloud ******* **** ****** *****, ***** it ************. *** ******** ******** ***** customers ** **-**** ***********:
** *** **** ** *** ***** Vi **** *** * ***** *****, a ******* ****** *****, * ******* Intel ***** ********, **** *** **** between **** *** ****. **** ***** up * ****** ***** ********* **** of ********* *** *****, ** *** very ***** *** **** ***** ** the ******** ********.
** ****** ** **-**** ******* *** these ********* ** ********** **. ** much ** ****** **** ***** *****, cloud, *****, ***** ** * ***** customer **** ****'* ***** **-**** *** Ultinous *** *** **** *** ******* to *****.
** [********] *** * *** ** lift ** ***** **** *** ***** customer *******, ***** ** * ***-****** on-prem, **** ** *******, ********, ********* on *******, *********, *** *********. ** Ultinous **** ***** **** ***** *** playing **** **** *** *** ***** Vi ****** ***** ***********, * ****** to ***** ***** ********* *******. **** was * *** ** **** **** gap. ** *** **** ** ** on-prem *** ******** ******* **** **** the **** *****.
Highlights **** ** ************
***** *** *** ********** *** ************ of ***** ***-** / ********** ********* (often ******** *********** ************* / ***** and ************* *** ****** ****** * few ****** **** *****-** ****** *********), he ********** *** **** ** *****:
** **** ** ****** *** **** you **** * *****-***** ******* *** try ** ****** ** *** *** it **-****, **'* *** *** ******* thing ** **. ** *** **** to ****** ***** ** ****-*** *********. Ultinous ** * **** ****** ******** to ***** **** **** *** ********* for ** **-****, **** ************, ** and ******* ** *** ** *** minutes.
****: ** **** *** ****** ********, so ** ****** ****** *** ***** claims, *** **** ** *** ******* speed, *********** *****-** ****** ************ ********* per ****** ** * **** **** time-consuming ******* *** ********** ****** ** familiar / ******* *** ** **** less ******* ** *** ********** ****** add-on *********. *** *******, ************ ***** ****** **************** ******* ***** ***** ********* ******.
Ingest / ********** *** ***** ********
***** **** ***-** ********* ********* ** not ****** *** ***** ******** / use ***** *** ********* ***%, ******* says **** *** **** ** ** opportunity *** **** *** *** *****-** analytics ** *** ** ***** *** software. *** *** *********:
** ** **** ** ** **** a ******** **********, ******** ** * proprietary ******, **'* ****** *** **** focuses ** ***** **********, ***** ********** stack, ** *** **** *****'* ** opportunity **** ** ** **** ********, we *** **** *** ********** **** Axis *** *** ****** **** ******** and ******* **** ** *** *** cases, ******* **********.
** *** **** *** *** ***** does ****** ********* ****** **** *** in ******* ******, ** ***'* **** to ** ********** ********* ***** ** meet *** ***** ********* ***** ** that *****'* ****** ** *** ***** of ****. *** ** *** **** a ********** ********, ** ***** ** the ***** *****, *** *****'* * lot ** ************ ** *** *** camera ** *** ***** ***** ** inference. **** **'** *** ****** ** inference ** *** ** ****, ** conditions *** ***. ** *** * real *********** *****.
*** **** ** **** ****** ********* (or ******), ******* ** ****** ********* *************** ********* ******** **** - ** Manufacturers, ** *********
Ultinous ****** *********** *******
******** ** ***********, *******'* *** ********* its ******* ***** ** *** *********, as **** ******** *** ******'* *****-** analytics ** ******** **** ***** *** stack ** / **** ******** (******** below):
** *** *** **** ******* **** the ****** **** *** ****. ** we **** ** *** ***** **** of ********* ******** *** *** $*** to $*** ******* *** ******* ** run ** *** *** ****** ********* when *** *** *** ** *** free ** ** **** ******, ** doesn't **** *****. ** *** ***'* have * ***** ******, ** *** use *** ******** ***** ** * Jetson ** *** **** *** * price ** ****** $** *** ******* on * ***** ** **** **** product.
Irisity **. *****-** ****** *********
***** *****-** ****** ********* *** *** most ******** ****, *** ***** ******* performance *** ******** **** *** **** few *****, ******* ******* ** *** value **** ****** *****-** ********* ** they ****** *** ******** *** *** aggregate / ******* ********** **** (** analytics) *************:
***** ** * ****** *** ********* capability ** *** ****** *** **** time ***** **********. ******** **** *** use *****, ** **** **** ** near **** ****, ****'** ******** ***** pretty ****. ********** *** **** * place ** *** *** ********. ******* generate *** ****** *** **** ***'* necessarily ******* *** ******** ****** * situational ***********. ** *** **** * place ** ** **** ** ******* the ********. *********, *** ******** ********** doesn't ** ******** *** ***.* ***** say ****** *** *** **** *** the ****** ******* *** ** **** ingest **** ********. ** **** **** that ******** *** ****** *** ******** and ******* ** **** ***** *******. The ******** ******* *** ********* **** cameras ***** ** ** ****** ** give *** * *********** *********. **** types ** *** ***** ******** ******* multiple ******* ** **** *** **** situational *********, ******* *** ******* ** whatever ***'** ******** ** ***** **** camera ** ****** ** **** ***** of **** ** ***** ** ****.
Higher ********* **************
***** ** ************ ******* ****** **** complex / ******** ********* **** *********** free / *****-** *********, ** **** the ***** ** ***** **** ** parallel **** ****** *** ********* ***** "classifiers" ** *********:
** ****'* *** ***** ****, *'* say **** ** *** *** ***** coming **** ******** *******, *** ******. We **** **** **** *** ******** and **'** ** **** ** **** graph **** *** ** **** ** bring ****** ****** ** ***********.
*** *******, **** ************* ******* *** cases, **** ****** **** ******, ******* detection, ********** ********* ***** *** **** is ********* * *** ** ******* behavior. ********, ****'* * ****** ********* one ** ** **********. ** **'* those ***** ** **** *********** *** cases **** ******* **** ******* ********* because ***'** ********* ******* ** ****** multiple *******, *** ****** *** ****** of *****.
***** ******* *** ****** ** ****** expand ** **** ** ****** ********* provide, *.*., (***** ****** / ******* detection *** **** / *****-**),**** *********** *** **** ** *****-** versus ******(** ********) ****** / ***-** ********* such ** ********, *******, *******, *** as **** ********* ** *** **** that ***** ** *********** ******** **** their *********.
Stronger *********
******* ****** **** ***** ******* ********* range **** **** ** *****-** ** cameras:
********* ******* **** * **** ****** area ** ********* **********. ** ***** expand **** ********* ********** **** ** distance *** **** *** **** ** closeness, ******* ** *** ** *** auto-calibration ** *** ******.
**** ******* *** *********** ************ *** given *** ****** ***** ** **** with *** ******* ***** ** *****. That ******* *********** *** ** *** cases ***** *** ********* **** ****** to **** ***************. **** *** ****** coming *** ******* ****** ****** ** size ** ** ******* *** ***** of ****. ** *** ** *** provide * **** ****** *** **** a **** *********** ***** ** **** and **** * ********* ****** **********.
*******, *** *** ****** *** ******** people / ******* ********* *** **** decreased ** *** ********* *** *********, which *** ******* *** **** *********. For ****, ********* ********* ******** **** - ** Manufacturers, ** *********** *** *** ********** *** ************ for ****** / ******* *********.
Stronger ******* = **** ********* *** ******
***** *********** ******* *** *********** ** one (**, ** **** *****, * few) ********* ***** ******* ** * single ******, ******* ********** ***** ******* to *** / ***** **** ** their *** ********* ** * ***** stream / ******:
*** ****** ** *** ********* ********* that *** ***** ****. *** **** full ***** *********, ***** ** ***** what's **** ** ******. ** *** using * ********** ********** *********** ** Agent ** ***** ****** ** ** be **** ** *** *** ********* into * ******* ******* *******. *** cameras *** **** ***** ********* ***** of ***** *********. *** ***** ******** ultimately ***** ** **** **** *** can ******** ** **** * ********* in ******* *** **** ***** ** how **** *** ***** *** *** actually *** *** ******.
** *** ***** ** ****, ** can ** ** ********* ***********, ********* number ** *****, ******* *** ******** in *******. ** *** *** **** on ** **** ******, *** *** run *** *********, *** ********* ****, per ******, *** **** ** ****** common. ** *** *** ** **** a ********* * ****** ***** **** one **** ** ********, *** *** actually ***** **** ** ** **** for ******** ********.
*******, * ****** ******** ******* *** camera ***** **** ******* *** ** use-case-specific.
Outlook
***** **** *********** ******* *******'* *********, it ********* *********** *** *********** **********. Irisity **** **** ** *********** **** it *** *********** ******* ***** ******** acquisitions.
* ******** ** **** *********** ** decreasing ***** *********** ***** ******** *********, but ******* ***** ** **** **** it *** ******** *** ********** **** its *********** **** *****.
***** *** **** ****** **** *** moves **** ******* *** ******** **** shows **** *** ****** *** ******** joined ***** ****. ******* **** ******** is ********* *******.