Sports consistently rank among the most popular and financially successful forms of media, attracting significant investment from broadcasters, advertisers, and fans eager to experience – and support – their preferred teams and athletes.

However, the production of this content generally incurs substantial costs, further restricting access to production and distribution resources. Now, a new company has introduced a solution: an independently operating, AI-powered camera system that enables any team to capture, edit, and share their games, and the company is announcing a new funding round to expand its reach to a wider range of sporting organizations and events.

Veo Technologies, a startup based in Copenhagen, has developed a video camera and a subscription-based cloud service that records games and automatically identifies key moments, hosting the resulting video content on a platform accessible to its users for viewing and sharing. The company has secured €20 million (approximately $24.5 million) in a Series B funding round.

This funding round is spearheaded by Danish investment firm Chr. Augustinus Fabrikker, with contributions from U.S.-based Courtside VC, France’s Ventech, and Denmark’s SEED Capital. According to Veo’s CEO and co-founder Henrik Teisbæk, the company is not disclosing its valuation, but an informed source indicates it exceeds $100 million.

Teisbæk explained that the funds will be allocated to further develop the company’s business on multiple fronts. Initially, Veo will focus on expanding its operations within the United States, establishing a new office in Miami.

Secondly, the company intends to continue refining and broadening the capabilities of its technology. The company initially concentrated on optimizing its computer vision software to record and analyze matches in football (soccer), with customers purchasing the cameras – priced at $800 – and the associated annual subscription – $1,200 – for both spectator viewing and practical applications such as training and player recruitment. A key feature is the cameras’ ability to operate autonomously, capturing wide-angle footage of the playing area and then intelligently zooming in and editing highlights.

Despite disruptions to sporting activities this year due to COVID-19 – including restrictions on team sports below professional levels in the U.K. – Veo has experienced significant growth.

The company currently serves approximately 5,000 clubs worldwide, ranging from professional organizations to youth amateur teams, and has recorded and analyzed 200,000 games since its launch in 2018, with a substantial portion of this activity occurring in the past year and within the U.S.

For context, in 2019, when Veo’s $6 million funding round was announced, the company had 1,000 clubs and 25,000 games recorded, demonstrating a 400% increase in customer base during that period.

The COVID-19 pandemic has undeniably reshaped the landscape of sports over the past year, requiring athletes, staff, and spectators to prioritize safety and adhere to health guidelines.

This has resulted in changes not only to the number of games played but also to attendance policies, as exemplified by the NBA’s creation of a secure isolation bubble in Orlando, Florida, to complete the season without live fans, while still providing virtual access to events.

This NBA initiative, however, came at a considerable financial cost, beyond the reach of many leagues, creating a unique opportunity for Veo.

Prior to the pandemic, Veo was already focused on serving the underserved segment of sporting organizations that typically lack the resources to invest in cameras or hire videographers for game recording – a valuable asset for both fan engagement and player development.

“While professional football is often recorded and broadcast, in the U.K., for instance, this is largely limited to the Premier League,” Teisbæk stated. “Below that level, recording is rare.” He added that, before Veo, recording a football game required “a person positioned on scaffolding, and the time and expense of editing highlights. It’s simply too complex. However, video is an invaluable tool for talent development. Young athletes learn visually, and video footage is an effective means of showcasing their skills to college recruiters.”

He noted that the pandemic further expanded these use cases. “With coronavirus restrictions in place, parents are unable to attend their children’s games, making video a vital way to stay connected and follow the action.”

‘We’re a Shopify, not an Amazon’

Veo’s business strategy has primarily centered on what Teisbæk characterized as the “long tail theory,” which, in the context of sports, translates to “While individual match viewership may be modest, the sheer number of games is enormous.” However, considering the potential for high school sports to draw in a broader local audience – including alumni, supporters, and area businesses – the size of this long tail audience could be significantly larger than anticipated.

This focus on the long tail has naturally positioned Veo’s primary users among the numerous amateur and semi-professional clubs and their associated members, but it has also attracted attention from prominent organizations.

Veo’s camera systems are currently utilized by professional soccer teams in top leagues such as the Premier League, Spain’s La Liga, Italy’s Serie A, and France’s Ligue 1, as well as several Major League Soccer (MLS) clubs including Inter Miami, Austin FC, Atlanta United, and FC Cincinnati. Teisbæk clarified that while these systems aren’t intended for primary broadcast coverage, they serve as valuable tools for training purposes and within the organizations’ academy programs.

The company’s long-term objective isn’t to establish its own media conglomerate based on the extensive content it’s accumulating, but rather to empower its customers to create and utilize that content as they see fit. Teisbæk described this approach as being like “Shopify, not an Amazon.”

“Our goal isn’t to become the next ESPN, but to assist clubs in leveraging the existing connections within their communities through our technology,” he explained. “We aim to facilitate the capture and streaming of their games and practices for their current audiences.”

While this is Teisbæk’s vision, some investors are recognizing a potentially larger opportunity.

Vasu Kulkarni, a partner at Courtside VC – a firm known for its investments in sports-related businesses like The Athletic and Beam (acquired by Microsoft) – stated that he had been actively seeking a company like Veo, one that offers a smart, technology-driven solution for recording and analyzing sports in a cost-effective manner.

“I dedicated nearly four years to identifying a company pursuing this approach,” he said.

“I’ve consistently believed in the value of sports content captured at the long tail,” he added. Interestingly, he previously founded Krossover, a company focused on sports training tracking and recording, which was later acquired by Veo competitor Hudl.

“You won’t find NBA Finals coverage on Veo, as the stakes are too high, but in areas where there isn’t sufficient financial incentive to hire dedicated production crews for recording and livestreaming, computer vision and artificial intelligence will become essential for reducing costs.”

He emphasized the importance of affordability, noting that the camera must be priced under $1,000 (which it currently is) and capable of delivering significantly better quality than “a parent using a basic camcorder purchased for $100.”

Kulkarni believes that in the future, there’s a strong possibility of assisting clubs in expanding their content reach, particularly by creating highlight reels showcasing the best moments from amateur games – which, of course, often feature players who will eventually become elite, world-renowned athletes. (Consider the excitement surrounding early footage of Michael Jordan as a student as an example.) “AI will be able to identify and compile the top 10-15 plays into compelling highlight reels,” he said, potentially attracting a fanbase beyond just the players’ families.

This all contributes to a growing demand for sports content, a demand that has seemingly increased as more people spend time at home and consume more video content overall. “The greater the availability of video from a sport, the more engaging the sport becomes, for both players and fans,” Teisbæk concluded.