Good news today! Our friends at Restb.ai, an image recognition AI startup from Barcelona, just announced that they have secured a €1,2M investment round. The funding comes from US-based investor Court Westcott LLC and Spanish VC’s Capitana Venture Partners, Lanta Capital, Athos Capital and Tandem Capital.
Founded in the final months of 2015 and running through the accelerator program Startup Catalonia ACCIO, it took the AI firm less than two years to develop a state-of-the-art image recognition technology that processes millions of images with an accuracy rate of 99%. This number has already been validated by the company’s current clients, which include leading firms from Europe, USA, India and Australia.
In a crowded market, the Catalan startup has found a great niche by focusing on digital companies that process a high volume of images every day in the field of real estate, automobile and marketplace. Artificial intelligence, and computer vision in particular, is a very competitive field, but Restb.ai has already proven it belongs to the best in the field. The latest investment by renowned VCs clearly underlines this fact.
As regards to what the funding means for the image recognition startup, it will be mostly used to continue developing the technology as well as accelerating the international expansion of the company. As Ángel Esteban, CEO of Restb.ai, points out, the added capital will enable the firm to take the startup to the next level both in current and foreign markets. Additionally, it will also facilitate the recruitment of the best talents as the computer vision company is looking to grow its team up to 20 members within the next year. The future looks bright for Restb.ai and Barcelona’s tech ecosystem and we are looking forward to reporting on the firms next milestones.