Draft:Veo Technologies

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Veo Technologies ApS
TypePrivate
IndustrySports technology
Founded2015 (2015)
FoundersHenrik Teisbæk, Jesper Taxbøl, Keld Reinicke
Headquarters
Websiteveo.com

Veo Technologies ApS is a software development company that develops automated video production and analytics tools for team sports.[1] The company has agreements with sports organizations, clubs, and federations, including USA Lacrosse[2] and the United Soccer League.[3]

The company is headquartered in Copenhagen, Denmark, with offices in Miami, Florida, and London, England.

History

Veo Technologies ApS was incorporated on 10 November 2015 in Denmark by Henrik Teisbæk, Jesper Taxbøl, and Keld Reinicke.[4] The company was originally incorporated under the name Sportcaster ApS before being renamed Veo ApS and subsequently Veo Technologies ApS.[4] It was created to develop automated sports video recording technology for amateur and semi-professional teams.[1]

In August 2017, Veo raised a €2 million seed round.[5] In late 2018, Veo released its first AI-automated camera system, designed to record and track field sports without a human camera operator.[1] In September 2019, the company raised a $6 million Series A round led by Ventech, Seed Capital, and Courtside Ventures after entering the United States market.[6]

In January 2021, Veo closed a €20 million Series B round led by Chr. Augustinus Fabrikker, with participation from existing investors Ventech and Seed Capital.[1][7] During this period, the company released the Veo Cam 2, which introduced live streaming over Wi-Fi and cellular networks.[7]

In June 2022, Veo raised an $80 million Series C round led by ATP, the fourth-largest pension fund in Europe, with participation from existing investors Ventech, Seed Capital, and Chr. Augustinus Fabrikker, bringing the company's total raised funding to approximately $113 million.[8] By March 2022, the company reported that its system had been used to record more than one million matches, with more than 15,000 clubs in over 80 countries using the software and the company reporting more than 500,000 users.[8] At that time, Veo employed approximately 220 people across eight countries.[8] In 2022, SportsPro named Veo among its list of 20 sports technology companies to watch.[8]

In 2022, Veo became a sponsor of the KDB Cup, a U15 youth football tournament founded by Belgium and Manchester City midfielder Kevin De Bruyne and held annually in Drongen, Belgium.[9] The sponsorship continued through subsequent editions of the tournament; by 2023 the event drew viewers from more than 100 countries.[10]

In May 2024, Veo reached an agreement with USA Lacrosse to serve as the organization's automated camera system provider, and concurrently released the Veo Cam 3, the third generation of its automated recording and video analysis camera.[2]

According to the company's annual report filed with the Danish Business Authority, Veo reported revenue of 505 million DKK for the financial year ending December 2024, with an average of 290 full-time employees during the year.[11] The 2024 report also recorded the company's first positive operating result, at DKK 9.2 million, compared to an operating loss of DKK 134 million in 2023.[11]

Sports organization agreements

Veo's camera systems and software have been used by clubs and organizations in more than 100 countries.[8] The system has been used by academy programs associated with clubs in several professional football leagues, including the Premier League and Major League Soccer.[8]

Organizational agreements include US Youth Soccer (from October 2022),[12] USA Lacrosse (from May 2024),[2] and the United Soccer League as video provider of the Super Y League.[3]

References

Category:Danish companies established in 2015 Category:Technology companies of Denmark Category:Sports technology Category:Companies based in Copenhagen