Ottawa-based Solink has closed $5 million in new financing for its loss prevention video data technology.
The latest funding round was led by Generation Ventures, with participation from ScaleUp Ventures, BDC IT Venture Fund and Valor Equity Partners.
“We are pleased to have secured the confidence, commitment and ongoing support of investors with a track record of success in supporting iconic companies,” said Mike Matta, Solink CEO, in a statement.
Focused on loss prevention, Solink’s cloud-based software integrates with a client’s surveillance and point-of-sale systems to help them protect their business from theft. The security solution uses video, data and AI to learn behaviour that leads to both employee and external theft.
Matta said the company is making surveillance video a source of insight, instead of just an insurance policy.
“With so many hours of surveillance video recorded, businesses need Solink to proactively identify fraud and deliver business insights,” said Matta, who added the new funding will help the company meet the “growing demand” for their software.
Solink was named one of Ottawa’s fastest-growing companies in 2017 according to the Ottawa Chamber of Commerce, tripling its revenue in the last three years.
One element that has made Solink’s video data technology so appealing is its ability to turn a business’ existing security cameras into intelligent devices. Solink’s web-based software links video footage with in-store transactions and events, notifying clients when suspicious behaviour crops up. The platform offers data-driven insights business owners can access instantly.
The software was created for quick-service restaurants, retail stores and financial institutions, but has found a particular niche within the franchise fast food industry with clients like Tim Hortons.
Solink launched its remote theft-prevention video technology in 2016.