We spoke to Viisights, to better understand their target markets, how they train AI to recognize behaviors, and how they position their analytics to differentiate themselves.
In this note, we look at:
Who is Viisights
What Markets is Viisights Targeting?
What Analytics Does Viisights Offer? Fighting, collisions, throwing objects, and more
Cute. Another analytics/AI company out to charge ridiculous prices on cost perpetually and monthly. Yawn! To top it another Israeli company. We need a race to the bottom with AI.
YES, great point. Even we are overwhelmed by the sheer number of video surveillance AI startups from around the world that all have the same plan of charging $500 to $1,000 per channel. Some, a few may survive but most will do poorly.
from our experience it is all about the value the system provides to the customer. if the system can prevent a bank robbery, alert on a person that plan might jump on the railways, prevent people from being killed because it detected a person with a weapon entering the building (we are using behavior patterns for this as well) or alert on all sort of traffic incidents that improve mobility the last point of discussion is pricing.
Customer are focused on ROI and not on a ballpark pricing figure.
Keep in mind the customers invested billion of dollars in video surveillance infrastructure with barely getting any ROI since most of the legacy analytics rules are very limited nor reliable.
viisights' offering include advanced analytics features along with the legacy ones (e.g. crossing a line, object counting etc.) which together give the customers a complete solution with significant ROI.
Keep in mind the customers invested billion of dollars in video surveillance infrastructure with barely getting any ROI since most of the legacy analytics rules are very limited nor reliable.
Asaf, you are really missing the point of why people invested billions of dollars in video surveillance. Sure, the analytics did not work but the value came from being able to do live monitoring, remote monitoring, and investigations. Conventional video surveillance transformed organizations from mostly blind (limited to what security or staff could immediately see and report) to having broad coverage and evidence of what happened. That is worth billions.
Customer are focused on ROI and not on a ballpark pricing figure.
Sure, but there's two problems: (1) budget and (2) competitive alternatives. For most even real commercial operations, allocating a brand new chunk of money is difficult. What you guys and lots of other startups are saying is "Hey find new money and will create more value," but most organization's security funding is fairly inflexible especially in the short to mid-term, so it's not easy for most to get an additional (hundreds of thousands or) million dollars to add on analytics. The second issue is that, because of that, and because there are hundreds of companies offering analytics, analytics continuously faces price pressures by companies willing to bundle analytics with their cameras, recorders, servers, etc.
I know you have a dozen or more customers and can counter with that but this is the reality across 90%+ of hundreds of thousands of security organizations.
Finally, I will say, yes, there is definitely a slim tier of very price-insensitive customers that can get the money and are willing to spend such premiums but it's a small portion of the market that operates like that.
Do you see pressure to move from after-the-fact forensics to security?
Pressure from who? I am not sure I understand the question.
Analogous is going from Accounting budgets for month-end bookkeeping to real-time Data warehouse/ Big Data budgets for results.
I am cautious of using analogies from other divisions to apply to security whose rules or logic can run contrary to other areas.
Security, for sure, wants to stop incidents more than they want to solve incidents, because stopping incidents stops the lose while solving them only partially offsets or reduces the damage that is done.
e.g. a $2M budget for security video is viewed as a cost of doing business for SOC2 certification, PCI DSS/HIPAA compliance, liability insurance, etc... They check the box, but also see their security team mostly fielding requests to produce video evidence after breach/damage. So the CFO asks the head of security "why $2M on cameras if we're telling you when bad things happen?"
I see that pressure daily (our small slice of the world), so I'm asking whether you see it more broadly as a general trend in accountability for securing facilities.
It feels like there's step function coming where "commercially reasonable best practices" at $2.5M displaces the prior $2M budget easily.
I strongly believe that the future of video analytics ,the evolvement of object detection roles, is behavioral recognition and of course pricing will go down as technology matures and available to mass market.
We have a watch that’s a “communicator” now with voice control. That was Science fiction in the 60’s.
Today it’s in its infancy.
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Comments (11)
Undisclosed Integrator #1
Cute. Another analytics/AI company out to charge ridiculous prices on cost perpetually and monthly. Yawn! To top it another Israeli company. We need a race to the bottom with AI.
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Asaf Birenzvieg
from our experience it is all about the value the system provides to the customer. if the system can prevent a bank robbery, alert on a person that plan might jump on the railways, prevent people from being killed because it detected a person with a weapon entering the building (we are using behavior patterns for this as well) or alert on all sort of traffic incidents that improve mobility the last point of discussion is pricing.
Customer are focused on ROI and not on a ballpark pricing figure.
Keep in mind the customers invested billion of dollars in video surveillance infrastructure with barely getting any ROI since most of the legacy analytics rules are very limited nor reliable.
viisights' offering include advanced analytics features along with the legacy ones (e.g. crossing a line, object counting etc.) which together give the customers a complete solution with significant ROI.
Create New Topic
Asaf Birenzvieg
I strongly believe that the future of video analytics ,the evolvement of object detection roles, is behavioral recognition and of course pricing will go down as technology matures and available to mass market.
Create New Topic