The highly innovative software and services company, iAbra, has successfully completed its funding round to drive sales and further development of its cutting edge platform used for image analytics. The funding was led by The FSE Group as a combination of equity from the Bedford Business EIS Fund, together with a group of highly experienced business angels.
iAbra uses artificial intelligence to provide machine vision (or automated image analysis) applications. This original technology enables superior image analytics from video and still images as the software uses artificial neural networks, simulating those in the human brain, to identify and infer patterns in images, as opposed to the more basic systems behind existing face fit analysis.
Founded in 2011, iAbra is now looking to grow its operations both in the UK and globally through partnerships with market leading providers of services to the security sector. A clear benefit, in addition to its advanced technological capabilities, iAbra’s intellectual property can be licensed separately from the hardware, allowing it to be embedded and integrated into existing surveillance infrastructure. This has enabled a simpler and more cost effective solution for the end-user. The investment will be used to expand the team and invest in further research and development.
Ian Taylor, CEO and co-founder, comments: “Our platform of software and optimised hardware structures images so they can be analysed for content, including generic objects such as vehicles or weapons, as well as particular faces. Our use of deep learning neural networks, or artificial intelligence, allows us to provide machine vision to level of detail that has not been available until now. This means organisations that have been unable to get any value from the data held in the images and video footage they acquire, can now do so. We are delighted to be working with FSE, their insight has proved invaluable and we look forward to growing iAbra with their support.”
Julie Silvester, Head of Equity at The FSE Group added: “iAbra has the potential to revolutionise the video analytics sector with its highly disruptive software. The management team has a clear strategy for accelerated growth through key relationships with market leaders in its sector and we look forward to watching the business develop and expand globally in the future.”
The Bedford Business EIS Fund and The FSE Group were advised by Ian Zant-Boer and Jordan Glackin from Milton Keynes based law firm, EMW.