SUCSEED INDOVATION LEADS $1 MILLION IN SEED FUNDING ROUND TO DEEP TECH VIDEO ANALYTICS PLATFORM, PIXUATE.1 year ago Rituka M
Pixuate, AI-based video analytics, and image processing SaaS platform headquartered in Bangalore, India raised $1 Million led by SucSEED Indovation Fund, Mumbai Angels Network, CIIE-IIM Ahmedabad, and other prominent angel investors. Founded by technopreneur Prathvi Palekar, Pixuate is an intelligent video analytics platform that provides bundled image processing and web APIs & tools for developers to build applications using face recognition, object recognition, character recognition, and template matching. Although the adoption of face recognition technology in India is highly limited, Pixtuate is primarily prominent in San Fransico. Using proprietary algorithms in AI, Deep Learning, and Computer Vision to deliver real-time & actionable insights from high-volute image & video data, the startup caters across verticals such as Retail, Manufacturing, Food, Hospitality, and Pharmaceutical to aid them to improve their safety & security compliances.
Plant360, their flagship intelligent platform provides the most comprehensive set of capabilities for enterprise and industrial businesses, including security intelligence, compliance audits, and automation, as well as analytics for people (such as facial recognition and thermal scanning), vehicle analytics (such as ANPR, vehicle classification, and violation detection), and object recognition (including safety gear check and object detection).
Speaking on the investment, Prathvi Palekar, CEO & Founder, Pixuate 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.’’ With over 6000 enterprise customers in India, Pixuate aims to capture 5% of the Rs. 2000 crore p.a. AI analytics market within the next two years.
Vikrant Varshney, Co-founder & Managing Partner, 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.” The company intends to utilize these fresh funds towards R&D, with key focus on expanding their market standing in India. “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,’’ said Prathvi Palekar, founder of Pixuate.