US-based computer vision technology producer Matroid closed a $20m series B round on Tuesday featuring Intel Capital, the corporate venturing arm of semiconductor producer Intel.
The round was led by venture capital fund Energize Ventures with participation from additional investors including VC firm New Enterprise Associates.
Founded in 2016 by Stanford University faculty, Matroid has built computer vision software that can be applied to multiple video feeds to identify people and objects that are of interest to the user. The technology is intended to be easy to use in order to spare the need to hire machine learning specialists.
Matroid will spend the series B funds on product development and expansion in its target sectors, which include construction, manufacturing and retail. NEA had provided $3.5m in seed funding for the company at an undisclosed date before co-leading its $10m series A round with Intel Capital in 2017.
Reza Zadeh, Matroid’s founder and CEO, said: “With the Matroid product, we set a new standard for ease of use in deploying sensors. With this funding we are excited to take the next steps to bring software-defined sensors to manufacturing and industrial [internet-of-things] enterprises.”