At Kaptivo, a company that’s bringing high-tech image recognition, motion capture and natural language processing technologies to the lowly whiteboard, executives are hoping that the second time is the charm.
The Cambridge, U.K. and San Mateo, Calif.-based company began life as a company called Light Blue Optics, and had raised $50 million in financing since its launch in 2004. Light Blue Optics was working on products like Kaptivo’s white board technology and an interactive touch and pen technology, which was sold earlier in the year to Promethean, a global education technology solutions company.
With a leaner product line and a more focused approach to the market, Kaptivo emerged in 2016 from Light Blue Optics’ shadow and began selling its products in earnest.
Founding chief executive Nic Lawrence (the previous head of Light Blue Optics) even managed to bring in investors from his old startup to Kaptivo, raising $6 million in fresh capital from Draper Esprit (a previous backer), Benhamou Global Ventures and Generation Ventures.
“The common theme has been user interfaces,” Lawrence said. “We saw the need for a new product category. We sold off parts of our business and pushed all our money into Kaptivo.”
What initially began as a business licensing technology, Lawrence saw a massive market opening up in technologies that could transform the humble whiteboard into a powerful tool for digital business intelligence with the application of some off the shelf technology and Kaptivo’s proprietary software.
Kaptivo’s technology does more than just create a video of a conference room, Lawrence says.
“In real time we’re removing the people from the scene and enhancing the content written on the board,” he said.”
Optical character recognition allows users to scribble on a white board and Kaptivo’s software will differentiate between text and images. The company’s subscription service even will convert text to other languages.
The company has a basic product and a three-year cloud subscription that it sells for $999. That’s much lower than the thousands of dollars a high-end smart conferencing system would cost, according to Lawrence. The hardware alone is $699, and a one-year subscription to its cloud services sells for $120, Lawrence said.
Kaptivo has sold more than 2,000 devices globally already and has secured major OEM partners like HP, according to a statement. Kaptivo customers include BlueJeans, Atlassian and Deloitte, as well as educational institutions including George Washington University, Stanford University and Florida Institute of Technology.
The product is integrated with Slack and Trello and BlueJeans video conferencing, Lawrence said. In the first quarter of 2018 alone, the company has sold about 5,000 units.
The vision is “to augment every existing whiteboard,” Lawrence said. “You can bring [the whiteboard] into the 21st century with one of these. Workers can us their full visual creativity as part of a remote meeting.”