MONTREAL, Aug. 30, 2017 /CNW Telbec/ - SPORTLOGiQ Inc. is pleased to announce that it has raised $5.0M in Series A funding. The round was led by Rho Canada Ventures L.P. and Anges Quebec Capital S.E.C., who joined early investors Mark Cuban, TandemLaunch, and 12 prominent angel investors in the financing round.
SPORTLOGiQ's proprietary computer vision technologies track and analyze in-game player movement using standard broadcast feeds. The company's advanced analytics engine transforms these raw data streams into actionable insights for professional sports teams and automated stories for broadcast media partners. Funds raised in this round will be used to continue to commercialize the technology, as well as ramp up its real-time player tracking system.
"SPORTLOGiQ has very quickly developed a leadership position in the fast-growing market for AI-powered sports analytics," said Sean Brownlee, partner at Rho Canada Ventures. "What Craig, Mehrsan and the team have developed over the last two years is impressive and we're thrilled to be working together."
A prominent investment group from Stockholm, Sweden has also participated in the round and will assist with business development in Europe. "We are very excited to be part of the SPORTLOGiQ family. In particular, we are looking forward to working with their talented team given their machine learning competencies and cutting-edge digitized sports data collection. SPORTLOGiQ is the disruptive game changer the market has been waiting for," said Peter Wallén of the investment group. "We hope to contribute with deep knowledge of the European market and support in bringing the product to soccer, the largest sport in the world."
"This is a tremendously exciting time for AI, computer vision and machine learning. We are fortunate to be working with some of the top researchers globally, ensuring that our technology remains ahead of the curve in a rapidly developing environment." said Craig Buntin, former Olympic athlete, co-founder and CEO of SPORTLOGiQ. "The response from our customers over the past two years has been incredible, and seeing that same response from our investors has been truly amazing. We are happy to welcome this new group of investors and look forward to the next phase of our team's development."
About SPORTLOGiQ Inc. (www.SPORTLOGiQ.com)
SPORTLOGiQ is a Montreal-based AI startup comprised of some of the world's leading researchers in computer vision and machine learning. The company's advanced analytics platform tracks the location and actions of every player on the ice, court, or field, enabling teams and fans to see and understand the game in ways that were not previously imaginable. Since its inception in 2015, SPORTLOGiQ has signed 22 NHL teams and four major broadcast networks, in addition to filing six patents around the technology. The team's co-founders, Craig Buntin, an Olympic athlete and Mehrsan Javan, a PhD in computer vision, are joined by 18 PhDs, software engineers and designers, and backed by Mark Cuban and a number of team owners and media executives.
About Rho Canada Ventures II L.P. (www.rhocanada.com)
Rho Canada Ventures is a division of Rho Capital Partners focusing on early-stage investing in Canada's most innovative technology companies. The Rho Canada Ventures team comprises a unique combination of entrepreneurial, operational and venture investment experience in the United States and Canada. With a combined 80 years of experience, Rho offers entrepreneurs the expertise to turn Canadian innovators into global leaders. Rho Canada Ventures' portfolio companies are a diverse group of investments that span new media, mobile applications, wireless infrastructure, semiconductors & materials, and software (including SaaS).
About Anges Québec Capital (www.angesquebec.com)
Anges Québec Capital is an investment fund created to provide financial support to Anges Québec members. The fund is mainly sponsored by Investissement Québec, Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ, to support angel investors who invest in innovative start-up companies in Quebec. This joint effort by the angels and Investissement Québec has made $85.8 million available to entrepreneurs, allowing them to benefit from more substantial financial leverage in order to considerably increase development of their business.
About TandemLaunch (www.tandemlaunch.com)
TandemLaunch is a seed investor and incubator focused on creating early-stage technology start-ups in collaboration with global universities and world-class entrepreneurs.
SOURCE Sportlogiq Inc.
For further information: Media Contact for SPORTLOGiQ Inc., Cassandra Sera, Marketing Coordinator, [email protected]; Media Contact for Rho Canada Ventures II L.P., Sean Brownlee, Partner, 514-513-4699, [email protected]