Deeptech video analytics startup, based in Bengaluru, Pixuate has announced that it has raised $1 million in SucSEED Indovation Fund led seed funding round. The round also saw participation from other investors like CIIE-IIM Ahmedabad, Mumbai Angels Network along with angel investors.
The platform has also recently secured debt funding support from the nodal agency of the Government of India – Technology Development Board (TDB).
Speaking on the announcement, Prathvi Palekar, the Founder, commented, “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.’’
Vikrant Varshney, Co-founder and Managing Partner of SucSEED Indovation Fund, added, “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.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.