|Founders and core team|
Much of the $ 1 million investment amount would go to Pixuate’s R&D efforts to accelerate product development and rapid market expansion.
Hyderabad – August 6, 2021: Pixuate, the Deep-Tech video analytics platform startup, secured a million dollar seed fund from the SucSEED Innovation Fund, headquartered in Hyderabad , and other investors including Mumbai Angels Network, CIIE-IIM Ahmedabad and a few prominent angel investors. Pixuate also recently received financial support from the Technology Development Board (TDB), a nodal government agency. from India
Pixuate by Cocoslabs Innovative Solutions Pvt. Ltd is the brainchild of technopreneur Prathvi Palekar, 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 large video and image data.
Pixuate’s flagship intelligent video analytics platform, Plant360, offers the broadest range of capabilities for enterprises and industrial enterprises, ranging from security intelligence, compliance audits and automation, which includes scans for people (such as facial recognition and thermal scanning), vehicle scans (such as ANPR, vehicle classification and crime detection), and object recognition (including verification of safety equipment and object detection). Powered by world-class analytics capabilities, the Pixuate Plant360 platform provides a comprehensive suite of high-tech business solutions for a safer today and a smarter future.
Prathvi Palekar, the founder, noted –
We are poised to accelerate our growth through a market expansion focused on customers in the Pharmaceuticals, Logistics, Oil & Gas and Food & Hospitality industries, with our exciting range of products in preparation; and with this freshly injected funding, we will also be looking at smart cities and road traffic management use cases, as the video analytics capabilities of our platform are applicable in these areas as well. ”
Expressing why they invested in Pixuate, Vikrant Varshney Co-founder and Managing Partner of the SucSEED Innovation Fund, noted –
There is an increasing demand for AI-based video analytics from businesses and industries to deliver smart data that can improve their security technology infrastructure, operational efficiency, and help cut costs dramatically. The Covid pandemic has placed more emphasis on reducing touchpoints and digitization is the way forward. Pixuate’s platform is positioned to revolutionize and disrupt the way video analytics can be used to improve perimeter security, enhanced security capabilities, and operational efficiency in businesses large and small.
Founder Prathvi Palekar added that “the seed funding that we have raised from the SucSEED Innovation Fund and such a network of angel and established investors is timely for our growth plans. because the industrial landscape of India is poised to undergo a digital transformation with the aim of making themselves future-ready. Investor confidence in the capabilities of the Pixuate platform will certainly send the right signals to the market.
Pixuez by Cocoslabs Innovative Solutions Pvt. Ltd. is an intelligent video analytics platform startup that uses proprietary AI, deep learning, and computer vision algorithms to deliver real-time, actionable insights from large video and image data . Pixuate’s mission is to create value for businesses by deploying cutting-edge AI because that’s the best way forward.
Manufacturing companies manage a large number of security risk variables. Many of these businesses still rely on legacy systems that require human, costly, and inaccurate decision-making due to human error. There is a need for an efficient AI-based CCTV flow analysis and response (CFAR) system that provides a foolproof mechanism to operate at a highly efficient response and action rate.
Toll plazas need Automatic Vehicle Classification (AVC) systems to count vehicles at each toll plaza and a robust auditing mechanism to keep an accurate track of vehicles and type of vehicles, this requires identifying the type of vehicle. The volume of vehicles should also be identified by road maintenance companies.
Solution provided by Pixuate:
- Pisuate Plant360 offers 4 main product suites:
- 360 Security: reliable 24/7 monitoring
- 360 Safety: end-to-end safety compliance
- 360 operations maintenance: control and monitor workshops
- 360 Visitor Management: Automate and secure external entrances
The USP of the platform is that it is designed and built with the core value proposition of large and small Indian companies in mind, making it a retrofitable plug-and-play platform that can be integrated. to existing HRIS, BPM and ERP platforms to transform surveillance, security. , and Large-scale efficiency with efficiency.
Founder Details –
|Founders of Pixuate|
Prathvi Palekar, Founder and CEO At Pixuate – A passionate entrepreneur and technocrat on a mission to create the smartest computer vision platform. Founded Pixuate and led the company to acquire more than 20 renowned B2B clients, while establishing partnerships in the United Arab Emirates, United States and India and winning the Yes Scale competition.
About market potential in this space:
- There are approximately 6,000 corporate clients in India. On average, corporate clients would spend INR 15 Lakhs per year for video analysis needs.
- 100 smart cities have been announced by the government. of India and 100 other smart cities are in the works, knowing that 5% of the total budget allocated to AI analysis.
Instead of the above facts, we envision an addressable market of INR 2,000 crore per year in India alone and we plan to capture 5% of that market over the next 2 years. The global video surveillance market is expected to grow from $ 45.5 billion in 2020 to $ 74.6 billion by 2025, with a CAGR of 10.4%. And some of the major players in the AI-based visual analytics field (IBM, Aviva, C3.ai, etc.) are offering expensive deals that are also infeasible for most Indian business needs.