VideoMining Corporation has been awarded $500,000 by the National Science Foundation's (NSF) Small Business Innovation Research (SBIR) program to develop advanced video analytics for helping retail enterprises.

“This grant will help us expand our portfolio of technologies for automatic behavior analysis,” said Satish Mummareddy, CTO of VideoMining, “addressing the wish list from our retail customers and partners.”

“Every retailer that we talk to acknowledges the need for accurate, actionable insights about their customer segments” said Jeffrey Hershey, VP of Business Development of VideoMining. “Such insights help them design better retail strategies as well as optimize their operations. The award from National Science Foundation is very well aligned with our mission to fulfill all the in-store intelligence needs of retailers.”

The National Science Foundation is an independent federal agency that supports fundamental research and education across all fields of science and engineering, with an annual budget of nearly $5.3 billion. The NSF funds reach all 50 states through grants to nearly 2,000 universities and institutions.