A VIDEO technology business that captures moments in time is set for expansion after securing new corporate contracts.
VEO, a Newcastle based company, founded by two former Newcastle University employees Paul Miller and Jon Haines, created their video tagging technology, which allows customers to record events on a simple app, and pinpoint key moments in time, capturing and sharing feedback along the way. The company is now set to exploit new markets, beyond those it initially spotted opportunities in, after securing a new contract in the financial, professional and business services sector.
The duo developed the technology for the education market, creating a solution that would allow trainee and student assessments to be carried out using a handheld device’s in-built camera, and providing a platform on which observations, feedback and assessment can be easily shared at scale and distance. However, after testing the product with the corporate market, VEO spotted an opportunity for corporates to enhance sales, customer service and leadership coaching, capture meetings, or provide colleague appraisals using the system, and already the company has signed up LV Insurance as a corporate client.
Paul Miller believes the technology has limitless potential.
He said: “We started with a very specific idea when we first developed VEO, to support the education and training sectors to deliver feedback and share best practice in a simple and straightforward way. They remain a core part of our business. However, we soon saw vast opportunities beyond those sectors, and we are starting to see them come to fruition.
“The business is very much scalable, with national and international potential, and we are looking at opportunities in Singapore and the US, which could see us grow rapidly. Teamed with further planned product development, we expect to see VEO expand quickly over the course of the year, taking our technology to businesses the length and breadth of the UK and beyond.
Paul, who was an education and leadership consultant, and developed the concept with colleague Jon after working in Africa and seeing how capturing and sharing best practice could help teachers to improve their practices, began to actively explore how their system could be used by business to aid their training and quality improvement last year.
The company, which is a spin-out of Newcastle University, has been supported by Angel Investor Paul Stonebanks of AIS Group in North Tyneside. Sunderland Software City has also provided support and advice as the company moved from concept to market.
Billy Webber, chief operating officer at Sunderland Software City, said: “VEO is an innovative business that is making it simple and straightforward for organisations to deliver video-led training to people in all kinds of organisations.
“The technology has boundless potential, and I am delighted to see Paul and Jon starting to really exploit this, and secure contracts that could quickly take VEO around the world. It is fantastic to see another North East business pushing the boundaries and creating scalable technology that is changing the way people work.”
To learn more about Sunderland Software City, visit www.sunderlandsoftwarecity.com or call 0845 872 8575.
Sunderland Software City is funded from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020.