Coram raised $35 million to turn security cameras into AI detectives

In a bid to transform the role of security cameras, Coram AI has successfully raised $35 million in Series B funding, boosting its total investment to $66 million. The Bay Area startup aims to enhance its AI-driven physical security platform, with Ansa Capital and Battery Ventures co-leading the funding round, alongside contributions from UP.Partners, 8VC, and Mosaic Ventures. While the company has not disclosed its valuation, its innovative approach is attracting attention. Founded in 2022, Coram AI focuses on leveraging existing security equipment—such as cameras, badge readers, and emergency systems—to enable organizations to better detect and respond to incidents. Their technology exemplifies the growing trend of integrating AI into physical security systems, with global venture capital investments in robotics and physical AI projected to soar from approximately $4 billion in 2019 to an astounding $26 billion by 2025, as reported by PitchBook. In just this year alone, over $23 billion has been raised by companies within this domain. Co-founders Ashesh Jain and Peter Ondruska, both with extensive backgrounds in AI and autonomous vehicle technology, recognized the potential for applying their skills to the physical security market. Jain, the CEO, articulated their expanded mission: "Our earlier objective was to secure public roads, and now we aim to safeguard every physical space." As Coram AI navigates a competitive security landscape, it faces challenges from established players like Verkada, which experienced a significant breach in 2021, exposing more than 150,000 live customer feeds. Other competitors include Motorola Solutions' Avigilon and Eagle Eye Networks. Jain noted that Coram AI is rapidly scaling to meet soaring customer demands, having quadrupled its revenue and tripled its customer base since its Series A funding of $13.8 million last year. The new funding will be utilized to bolster the sales team and enhance product development. Currently, over 1,500 locations across the U.S. and Canada, including notable clients like Hershey's Ice Cream and Lakepointe Church, are utilizing Coram's technology. The startup has gained particular traction in the education sector, with capabilities to detect firearms, automatically alert authorities, and initiate lockdowns in schools. Coram AI is also introducing a novel product called Deep Investigation, allowing users to query the security platform using tools like ChatGPT. This feature enables schools to analyze incidents, such as fights, while generating reports with sensitive information appropriately obscured. Jain emphasizes that this technology aims to provide clients with the analytical power of a dedicated data science team, delivering insights within minutes. During the funding process, Coram AI impressed investors by demonstrating its technology in real-time. Ally Warson of UP.Partners recounted a visit to Coram's Sunnyvale office where she witnessed the software responding to inquiries in multiple languages, showcasing its advanced capabilities. Looking ahead, Jain envisions Coram AI becoming a leading global security provider, with aspirations of integrating their software with robotic security solutions. "Every building will have robotic security," he declared, highlighting the ambitious trajectory of Coram AI as it continues to innovate in the field of physical security.