A bulk of the investment amount of $1 million, would go towards Pixuate’s R&D efforts for accelerated product development and rapid market expansion.
Bengaluru-based deeptech video analytics startup Pixuate has secured $1 million in seed round from SucSEED Indovation Fund and other investors, including Mumbai Angels Network, CIIE-IIM Ahmedabad and few eminent angel investors. Pixuate has also recently received debt funding support from the Technology Development Board (TDB), a nodal agency of the Government of India.
Pixuate by Cocoslabs Innovative Solutions Pvt Ltd is the brainchild of technopreneur Prathvi Palekar, the Founder and CEO of Pixuate. The startup uses proprietary algorithms in AI, Deep Learning, and Computer Vision and aims to deliver real-time and actionable insights from high-volume video and image data.
Prathvi Palekar, the Founder said,
“We are ready to fast-track our growth through market expansion focused on Pharma, Logistics, Oil and Gas, and Food and Hospitality sector clients, with our exciting line-up of product features in the pipeline; and with this freshly infused funding, we will also be looking at smart cities and highway traffic management use cases as our platform’s video analytics capabilities are also applicable in those areas.’’
Pixuate’s flagship intelligent video analytics platform Plant360 offers the widest range of capabilities for enterprise and industrial companies ranging from security intelligence, compliance audits, and automation, which includes analytics for people (such as facial recognition and thermal scanning), vehicle analytics (like ANPR, vehicle classification, and violation detection), and object recognition (including safety gear check and object detection). Powered by analytics capabilities, Pixuate Plant360 platform provides a complete suite of deeptech enterprise grade solutions for a safer today and a smarter tomorrow.
Speaking on why they have invested in Pixuate, Vikrant Varshney, Co-founder and Managing Partner of SucSEED Indovation Fund, said,
“There is a surge in AI-enabled video analytics demand from enterprises and Industries to deliver smart data that can improve their Security Technology Infrastructure, operational efficiency and help in reducing costs drastically. The covid pandemic has increased focus on reducing touchpoints and digitisation is the way to go. Pixuate’s platform is positioned to revolutionise and disrupt how video analytics can be used for enhancing perimeter security, enhanced security capability and operational efficiency in companies of both big and small in size.”
According to Pixuate, there are around 6,000 enterprise customers in India. On average, enterprise customers would spend Rs 15 lakh per year on video analytics requirements. 100 smart cities have been announced by the Govt of India and another 100 smart cities are in the pipeline – considering that 5 percent of total budget allocated for AI analytics.
In lieu of the above facts, Pixuate is looking at an addressable market of Rs 2,000 crore per annum in India alone and it plans to capture 5 percent of this market within the next two years.