TEL AVIV, Israel, Sept. 14, 2016 /PRNewswire/ -- KuangChi Science Limited (HK:439), a member of the Kuang-Chi Group, has agreed to become a strategic investor in Agent Video Intelligence (Agent Vi), an Israeli video analytics company.
The $4.3million investment, part of Kuang-Chi's $300 million Global Community of Innovation (GCI) fund launched earlier this year, will expand the company's portfolio of technologies that enable safe, smart cities. The company is investing alongside public safety leader Motorola Solutions, which first invested in Agent Vi in 2012.
According to IHS market research firm, Agent Vi, which was founded in 2003, is the market leader in video analytics, with thousands of successful deployments worldwide. Agent Vi's patented technology provides sophisticated, customized analytics across safe city, infrastructure, transport, retail and other applications.
Operating through hundreds of integrators and resellers, Agent Vi's solutions turn surveillance cameras into intelligent sensors that automatically analyze, detect and search massive volumes of video through its cloud interface.
Kuang-Chi invests in technologically disruptive, early to mid-stage companies in robotics, machine vision, aviation, and related technology sectors. GCI Fund portfolio companies receive the full support of Kuang-Chi's corporate resources, from sales and marketing to joint tech development. Earlier this year, the company established a creative hub in Singapore for furthering development of its Future City strategy.
Agent Vi expects to use the invested funds to expand its engineering, sales and management teams. The company plans to open local offices to serve its growing client base in China, Southeast Asia and Europe.
Dr. Ruopeng Liu, chairman of Kuang-Chi, said: "I am pleased to announce our investment and partnership with Agent Vi. This stake will make an important contribution to Kuang-Chi's portfolio of Future City offerings and projects. As a strategic investor along with Motorola Solutions Venture Capital, we will help Agent Vi expand into Future City projects across Asia."
Agent Vi CEO, Itsik Kattan stated: "Agent Vi has gained a foothold in China and found an important partner in Kuang-Chi, a company that is creating next generation technologies with broad applications for the future of cities. We appreciate the vote of confidence in our growth strategy shown by our Board and Dr. Liu with this transaction."
Ori Israely, Investment Director, Motorola Solutions Venture Capital, commented: "Motorola Solutions continues to support Agent Vi and we look forward to continuing the relationship we established in 2012."
Dorian Barak, Managing Director of Indigo Global, Kuang-Chi's partner in Israel, stated: "This represents an important achievement in the growth of Agent Vi. Partnering with a strategic investor of Kuang-Chi's stature and geographic reach will have significant advantages as Agent Vi expands its Asian presence. Kuang-Chi will no doubt benefit from its collaboration with the leader in video analytics."
KuangChi Science Ltd. (Stock Code: 00439.HK) is an innovation leader listed on the main board of Hong Kong's stock exchange. Founded by five distinguished Chinese scientists and innovators after receiving postgraduate degrees from top international universities, the company and its affiliates operate in several high technology industries, including aerospace, communications, smart cities, and materials science. The Kuang-Chi Group has created a global community of innovation with a clear objective: making the world better for all people. Bringing together varied companies and technologies from around the globe to share ideas, technology, and vision, the community has achieved extraordinary successes.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/chinese-tech-giant-kuang-chi-expands-gci-portfolio-with-investment-in-israeli-video-analytics-leader-agent-vi-300327991.html
SOURCE Kuang-Chi Group