A group led by Cipio Partners and including billionaire son of Ikea founder Mathias Kamprad has invested $20 million in venture capital in Spideo, a Swedish company that provides AI-powered video and analytics software to teams in the NBA, NHL, and English Premier League.
Spideo produces automated video products for use in player training and multi-angle replay for referees in sporting applications. For example, Spiideo camera systems are installed at every NWSL stadium. The company recently began a partnership with ESPN, one of its other 4,000 clients, to use Spiideo camera systems to automatically stream the 400 academic games it hosts at its Orlando Wide World of Sports facility each week.
The most recent round is the German technology company Cipio’s first investment in the company. Together with his siblings, Kamprad owns Ikano Group, a company that was first established to manage Ikea’s real estate. Other investors in the round include Swedish executives Måns Hultman and Håkan Roos. The deal was announced on LinkedIn on Wednesday, and Spideo received advice on the private placement from global tech-focused investment firm Drake Star.
With the most recent funding, the company plans to grow its product, AI, and international sales teams among other staff groups. According to Spideo, over half of its revenue comes from North America. Other leagues that heavily utilize its goods include the German Bundesliga, the MLS, and the NCAA. Clubs across the globe that use its products include LA Galaxy of Major League Soccer, Serie A’s Inter Milan, and EPL teams Brentford and Wolverhampton. According to a case study on the Spiideo website, automatic feeds are used by collegiate teams like Virginia Tech basketball to enable coaches to provide players with quick feedback during workouts.
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