Spiideo, a Swedish firm that makes AI-powered video and analytics software used by teams in the NBA, NHL and English Premier League, secured a $20 million venture capital investment from a group led by Cipio Partners and including Mathias Kamprad, the billionaire son of the founder of retail giant Ikea.
Spiideo makes automated video products for sports applications including providing multi-angle replay for officials and for use in player training. Every stadium in the NWSL, for example, has Spiideo camera systems installed. Among its other 4,000 clients, the company recently started a deal with ESPN using Spiideo camera systems to automatically stream the 400 scholastic games it hosts at its Orlando Wide World of Sports facility each week.
The latest round is the first investment in the company by Cipio, a German technology-focused business. Joining the round to follow their earlier investments in Spiideo is Kamprad, who with siblings owns Ikano Group, a business initially formed to manage Ikea’s real estate, as well as Swedish executives Måns Hultman and Håkan Roos. Global tech-focused investment bank Drake Star advised Spiideo on the private placement, announcing the deal on its LinkedIn page Wednesday.
The company will use the latest funding to expand its various employee teams, including product, AI and international sales. Spiideo says it gets about half its revenue from North America, and lists MLS, the NCAA and the German Bundesliga as other leagues where its products are in heavy use. Among clubs worldwide using its products are EPL clubs Brentford and Wolverhampton, Inter Milan of Serie A and LA Galaxy of MLS. Collegiate teams like Virginia Tech basketball use automated feeds to let coaches give players immediate feedback during practices, according to a case study on the Spiideo website.
While Spiideo doesn’t disclose its revenue, Cipio says it typically invests in businesses with €10 to €50 million annual sales (about $11 to $53 million). Other existing investors include NavisionGroup, which is the family office of Danish shopping magnate Peter Jain, the Swedish government-owned VC firm Almi Invest, and Lund University, according to information compiled by S&P Global Market Intelligence. Spiideo was founded in 2012 and has now raised $40 million to date.
