Sportlogiq, a portfolio company of the Montreal-based technology incubator TandemLaunch Inc. is pleased to announce that it has closed a seed round financing of $1.7 million. The financing was lead by Tim Tokarsky and includes an investment from Mark Cuban, billionaire investor and owner of the Dallas Mavericks. Funds raised in this round will be used to continue to develop and commercialize the company’s player tracking and analytics platform, which uses standard, single camera game footage to generate advanced statistics. Also included in the financing round is a follow-on participation of TandemLaunch Inc., and an investment from Anges Quebec Capital S.E.C. along with 18 angel investors.
“We are pleased to see such enthusiastic support from our visionary investors and brilliant academic collaborators,'' said Craig Buntin, Olympic athlete, co-founder and CEO of Sportlogiq. “The sports analytics market is growing rapidly and video will continue to be a primary component of that market at every level of sport. We envision a future where statistics will be available in any game, recorded by any camera, anywhere in the world, and this financing round is a tremendous milestone in realizing that vision.”
The financing will fund further development of Sportlogiq proprietary computer vision technology and sports analytics platform as well as to invest in market development. “Until now, player tracking has only been possible through the use of multiple cameras or chips on players.” said Mehrsan Javan, co-founder and CTO of Sportlogiq. “Our objective is to eliminate those hardware requirements using state-of-the-art computer vision algorithms. This financing will allow us to improve the efficiency of our system and reduce the processing time per game, ensuring that the system is scalable.”
The technology was originally developed by Javan as his PhD thesis, under the supervision of Martin Levine at McGill University. It has been improved upon and productized over the course of the past year while within TandemLaunch. Sportlogiq now employs ten other computer vision PhD’s, MSc’s, and software engineers and leverages strong partnerships with four universities across Canada.