Ukraine's Ajax Systems, which manufactures security systems, plans to actively compete with Chinese manufacturers of surveillance cameras and generate almost $100 million in revenue by increasing sales of such devices.
According to Forbes Ukraine, the development of a neural network for AI cameras IndoorCam, which Ajax Systems launched in 2022, will potentially allow the company to increase camera revenue to 25% of the total in 2025.
"In four weeks, pre-orders in Australia for the IndoorCam AI camera have covered the costs of the global presentation of Ajax Special Event products. This is the largest market by the number of pre-orders of this product, followed by Benelux," said Valentine Hrytsenko, CMO of the company, without disclosing information about investments in the development of the neural network.
Ajax Systems presented its first proprietary cameras in 2023. Back then, the manufacturer received a significant number of pre-orders, but demand even exceeded production capacity. It seems that the company is still catching up with the market. "Artificial intelligence in cameras and doorbells is a standard in the market. A person cannot simultaneously and qualitatively view a video stream from a location with, for example, 150 cameras," the expert explained.
| How does IndoorCam AI camera from Ajax Systems work: - Artificial intelligence identifies objects in the video stream that it considers dangerous and sends a signal to a human. The person then reviews a specific part of the video and checks the box to indicate whether the alarm was false or not. "The company trains Neuron on the data sets it receives from users. |
According to Serhii Denysenko, executive director of Computer Forensics Laboratory, corporate clients and law enforcement agencies have been using this technology for a long time, but home users may also be interested in it. "On average, up to 20 cameras are ordered for a facility. This is the home segment and SMEs. We have a beta testing program whose participants give us access to individual videos. If the AI detects an animal in a video, but when it is viewed, it turns out to be a branch, we additionally "feed" this clip to the network for additional training," Hrytsenko said.
According to Ajax Systems, the video surveillance business has the potential to generate 3-5 times more revenue than intrusion protection devices. The trend away from Chinese cameras in the US and some European countries may be an advantage here.
In 2023, according to Forbes Ukraine, Ajax Systems' revenue reached UAH 7.5-8.5 billion. Hrytsenko says that intrusion protection products currently generate the largest share of revenue, and video products will be able to overtake this area in 3-4 years: to do so, they need to expand their product line.
Read about new security devices from Ajax Systems here
Ajax Systems' plans for 2025 in the area of video surveillance include adding color images to cameras at night, and increasing video surveillance revenue to 20%-25% of the total. The publication estimates that this could be $60-110 million, assuming that the company's revenue will grow by 30%-50% in 2024-2025. "If we succeed, it will be a good story," summarized Valentine Hrytsenko, CMO of Ajax Systems.
As a reminder, Ajax Systems has recently introduced an updated app for Apple Watch. One of the main improvements is a new design with an improved control interface and more convenient navigation, which will allow users to explore a list of spaces instead of hubs.