Ottawa’s Solink raises US$100M for AI camera platform

Ottawa-based Solink, which turns store security cameras into business data, said Thursday it has raised more than US$100 million in new funding led by Toronto private equity firm Vertu Capital.

Growth Equity at Goldman Sachs Alternatives, an existing investor, took part again, and Golub Growth and Comcast Ventures joined as new investors, according to a Business Wire release from the company. BetaKit put the amount at about $140 million in Canadian dollars. Solink did not disclose a valuation.

Chief executive Mike Matta told BetaKit the final figure may be “a small rounding error” above US$100 million. The round mixes new capital and share sales, with more than 90 per cent of the proceeds going to the company’s balance sheet and the rest going to employee and investor stock sales.

Solink says its platform now runs in more than 35,000 customer locations in 65 countries and manages about 500,000 cameras. BetaKit reported the locations have nearly doubled since 2023 and that customers include Gap, JYSK, Domino’s, Moose Knuckles and Tim Hortons.

The company’s pitch is that most of the video retailers and restaurants record is never watched. Matta said Solink wants to help operators find out why sales are missed, for example when a product is out of stock or a line grows too long, instead of using footage only to investigate theft.

Matta said the money will go toward an AI product roadmap, including an upcoming hardware launch that would let customers run Solink’s AI agents on their own premises rather than in an outside data centre. The company also plans to push into new markets through a reselling partnership with Comcast, which could open the door to the U.S. telecom giant’s restaurant and retail clients.

Privacy is a live question for any company analyzing store video. Matta said Solink’s technology does not identify individuals. A company spokesperson told BetaKit the footage stays with the business owner and is not shared with anyone, including police, unless there is a warrant and the owner consents.

The round lands a week after Ottawa unveiled a $1.75-billion plan to boost venture capital, and as large Canadian-built AI companies draw bigger cheques. Earlier this month, Inovia reached a US$200-million first close on its sixth fund, and our latest startup roundup tracked other deals. Smaller Canadian AI firms are also raising money, including Toronto’s Aerium, which is building AI tools for factories.

Matta said he sees the physical-security and guard industries shifting spending from people toward technology over the next two to three years.

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