Savi Raises $12M in Series A Funding for Cloud-First Video Platform
BOUNTIFUL, Utah
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January 09, 2024 09:00 AM Eastern Standard Time
Savi, the cloud video and AI operations platform for distributed enterprise teams, today announced a $12M Series A funding round led by Next Coast Ventures, with participation from Rock Creek Capital and existing investors.
The funding comes on the heels of Savi’s rapid growth due to customer demand for a true cloud video solution that not only meets the increasing demands of security and loss prevention teams but unlocks the power of video for the entire organization. As brands and restaurant, retail, hospitality, and convenience store operators look to the future unlocks that video is beginning to bring to their organization, they need a solution that meets their needs today but enables future technology adoption without onsite infrastructure changes.
“In the hospitality industry, it’s essential to understand the culture and behaviors driving things at a store level,” said Josh Boshard, the COO of Savory Fund, who is responsible for the operations and technology teams at all of Savory’s 175 portfolio restaurants. “Savi is one of the few technologies that we deploy across all brands because their platform allows our entire organization to gain insight into store-level operations, and since they are truly cloud-based they’ve allowed us to adopt new advancements in video-related technologies affordably.” Other high-growth brands and operators like Savory Fund have chosen Savi to unlock the power of their video data at thousands of locations throughout North America, including Marco’s Pizza, Scooters Coffee, Good2go Gas Stations, Invicta Stores, and more.
Savi will use this funding to expand into new markets, grow partnership and reseller channels, and continue innovating as the leading cloud video and AI platform today. Brock Weeks, the CEO and co-founder of Savi said, “Video has been trapped in onsite servers to serve as an expensive, reactive insurance policy for far too long. By fundamentally rearchitecting video to be cloud-first and free from deprecating on-site servers, Savi has affordably and permanently opened the door to video-centric operations today, and seamless adoption of future AI advancements.”
As other technologies continue to advance at record-setting speed, Savi is leading the way in video-centric operations that combine true cloud video, connected data, and computer vision AI into a single platform to help modern multi-site teams transform physical and IT operations, increase profitability, and drive growth. Savi partners with industry-leading security integrators, MSP, and other IT resellers–united in a shared pursuit of providing their customers a platform to assist in growing efficient, sustainable, and durable businesses. Learn more about Savi’s partner program at https://getsavi.com/partners/.
"Savi's innovative approach, combining cloud video, data integrations, and AI, marks a pivotal step towards transforming on-site customer experiences, boosting operational efficiency, and fortifying loss prevention strategies," said Thomas Ball, Co-Founder and Managing Partner of Next Coast Ventures. "We're incredibly excited to partner with Brock Weeks and the Savi team to drive significant advancements in these critical areas."
About Savi
Savi is the cloud-first video platform for modern distributed enterprise brands and operators, designed to streamline access to video, optimize physical operations, and grow profitability. Savi’s comprehensive product suite delivers a unified platform for emerging and established restaurants, convenience stores, and retail companies to save time, increase profitability, and ensure amazing customer experiences. Thousands of locations have switched to Savi to transform physical operations with future-proof cloud video, searchable data, and cutting-edge AI. Learn more about optimizing and growing a multi-site business at http://www.getsavi.com.
About Next Coast Ventures
Next Coast Ventures is an Austin-based venture capital firm that partners with bold entrepreneurs seeking to build innovative companies in big markets. With over $500 million in assets under management, Next Coast provides its growing group of portfolio companies with hands-on, company-building resources through its strong industry network and the founders’ own experiences as entrepreneurs and operators. Learn more at www.nextcoastventures.com.
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Cameron Jensen
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