Deep-Tech Video Analytics Platform Startup Pixuate raises $1M Seed Round Led by SucSEED Indovation Fund A bulk of the investment amount of $1M, would go towards Pixuate’s R&D efforts for accelerated product development and rapid market expansion
Deep-Tech Video Analytics Platform startup Pixuate has secured $1M in SeedFund from Hyderabad headquartered SucSEED Indovation Fund and other investors including MumbaiAngels Network, CIIE-IIM Ahmedabad and few eminent angel investors. Pixuate has also recently received debtfunding support from the Technology Development Board (TDB), a nodal agency of the Govt. 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 ComputerVision and aims to deliver real-time and actionable insights from high-volume video and image data.
Pixuate’s flagship intelligent video analytics platform Plant360 offers the widest range of capabilities forenterprise 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 (likeANPR, vehicle classification, and violation detection), and object recognition (including safety gear check andobject detection). Powered by world-class analytics capabilities, Pixuate Plant360 platform provides a completesuite of deep-tech enterprise grade solutions for a safer today and a smarter tomorrow.
Prathvi Palekar,the Founder said, “We are ready to fast-track our growth through market expansion focused on
Pharma, Logistics, Oil & Gas, and Food & 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.’’
Speaking on why they have invested in Pixuate, Vikrant Varshney Co-Founder & 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. Covid Pandemic has increased focus on reducing touchpoints and digitisation is the way to go. Pixuate’s platform is positioned to revolutionize 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 ”.
Prathvi Palekar,the Founder further added that “The seed funding we raised from SucSEED Indovation Fundand such established Angel Network and Investors comes at an opportune time for our growth plans as India’sindustrial landscape is all set to undergo digital transformation in a bid to make themselves future ready. Theinvestor confidence in Pixuate’s platform capabilities is sure to send the right signals in the market.”
Pixuate by Cocoslabs Innovative Solutions Pvt. Ltd. is an intelligent video analytics platform startup that uses proprietary algorithms in AI, Deep Learning, and Computer Vision to deliver real-time and actionable insights from high-volume video and image data. Pixuate’s mission is to create value for enterprises by deploying cutting-edge AI as it is the best possible way forward.
Problem(s) that Pixuate is addressing:
Manufacturing companies manage a large set of security-risk variables. Many of these businesses still rely on legacy systems that require human decision-making which is expensive and of low accuracy due to human-dependent errors. There is a need for an efficient AI driven CCTV feed analytics and response system (CFAR) that provides a fool- proof mechanism to operate at a highly efficient response and action rate.
Toll Plazas need Automatic Vehicle Classifier (AVC ) systems to count vehicles at every toll and a robust auditing mechanism to maintain accurate track of vehicles and the type of vehicles, this requires identifying the vehicle type. The volume of vehicles also needs to be identified by the highway maintenance contractors.
Solution that Pixuate is providing:
Pixuate Plant360 offers 4 main suite of products:
360 Security: Reliable 24*7 surveillance
360 Safety: End-to-end safety compliance
360 Ops Maintenance: Control & Monitor Shop Floors
The USP of the platform is that it is designed and built considering the core value proposition of large and small Indian companies making it a retrofittable plug-and-play platform that can be integrated with existing HRMS, BPM & ERP platforms to transform Monitoring, Safety, and Efficiency at scale with efficiency.
Founder’s Details –
Prathvi Palekar, Founder & CEO At Pixuate – A passionate entrepreneur and technocrat on a mission to build thesmartest computer vision platform. Founded Pixuate and led the business to acquire 20+ B2B marquee customers, whilealso establishing partnerships in UAE, US and India and winning the Yes Scale Competition.
Akshata Kari, Co-Founder & COO – Akshata completed her MBA from India’s premier university Institute of RuralManagement Anand (IRMA), Previously spearheaded Business Development endeavors for Barrix, a top agri-startup basedout of India, and led startup accelerator programs & investment portfolio of India’s topmost accelerator CIIE-IIMAhmedabad and Technoserve. As the COO of Pixuate she manages business operations and investor relations.
About the market Potential in this at space:
There are around 6,000 enterprise customers in India. On average, enterprise customers would spend INR 15 Lakhs 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% of total budget allocated for AI analytics.
In lieu of the above facts, we are looking at an addressable market of INR 2,000 Crore per annum in India alone and we plan to capture 5% of this market within the next 2 years.
The global video surveillance market is expected to grow from USD 45.5 billion in 2020 to USD 74.6 billion by 2025, at a CAGR of 10.4%. And some of the major players in the field of AI-driven visual analytics (IBM, Aviva, C3.ai etc.) have expensive offerings which are also infeasible for most Indian business requirements.