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Introduction and Funding Announcement
Solink, a leading provider of physical security systems, has successfully raised $60 million in a Series C funding round. Goldman Sachs led the investment, with participation from Omers Ventures and BDC IT Ventures. The funds will be utilized to expand Solink’s client base globally and invest in the development of new products.
Solink’s Innovative Platform
Solink’s platform addresses the unique security needs of various industries by offering forensic security and real-time active monitoring solutions. Clients from diverse sectors leverage Solink’s cloud-native infrastructure to enhance the value of their existing surveillance systems, enabling deeper integration with other business processes for improved efficiency.
Evolution from ATM Fraud Detection to Cloud Video Security
Originally founded in 2010 as a consulting group combating ATM fraud for banks and credit unions, Solink later expanded into cloud video security. Their service-based offering enriches video feeds with data from various systems, including point-of-sale, enabling businesses to perform efficient security monitoring tasks, such as motion detection and seamless camera navigation.
Concerns and Controversies
Some applications of Solink’s service raise concerns regarding invasive employee and customer surveillance. While businesses have the legal right to monitor workplaces, the potential ethical implications may raise objections from employees and patrons. The AI component’s susceptibility to bias and flaws also calls for careful consideration.
Mitigating Concerns and Current Success
Solink states that its “certified dispatchers” review video alerts to prevent false alarms, and partnerships with law enforcement ensure proper handling of identified threats. Despite concerns, many businesses have embraced Solink’s platform, with the pandemic further accelerating its adoption for remote management and operational improvements.
Cloud-Managed Video Surveillance Market Growth
The market for cloud-managed video surveillance, or video surveillance-as-a-service, is flourishing. Projections from Novaira Insights estimate its growth to reach $27 billion in 2023, with key players like Hikvision, Dahua, Axis Communications, and Motorola Solutions dominating the sector. With an impressive track record and $90 million raised in venture capital, Solink continues to make significant strides in this thriving industry.