Mumbai Angels Network, CIIE.CO – IIM Ahmedabad’s incubation centre and multiple eminent angel investors invest in smart video analytics startup Pixuate
While the investment amount remains undisclosed, a bulk of it would be invested in Pixuate’s R&D for accelerated product development and market expansion.
Mumbai, 11th May, 2021: In a new development, Mumbai Angels Network, a premium startup investment platform for early-stage venture investments, along with CIIE-IIMA and a group of eminent angel investors, has invested in intelligent video analytics startup Pixuate by Cocoslabs Innovative Solutions Pvt Ltd. While the investment amount remains undisclosed as of now, Pixuate has also recently received debt funding support from the Technology Development Board(TDB), a nodal agency of the Govt. of India.
A brainchild of technology enthusiast Prathvi Palekar, Pixuate 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 offers a wide range of capabilities for 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 world-class analytics capabilities, the platform provides a complete suite of deep-tech enterprise solutions for a safer today and a smarter tomorrow.
Having delivered AI solutions to marquee clients such as L&T, Unilever, ITC, Bigbasket, along with several clients in the UAE, Pixuate now offers video analytics solutions specifically designed for industries such as Pharma, Logistics, Oil & Gas, and Food & Hospitality. Besides this, the platform’s video analytics capabilities are also applicable for smart cities and highway traffic management. With Pixuate having an exciting line-up of new product features in the pipeline, this freshly infused funding will largely be invested in R&D for accelerated product development and feature engineering. The company also plans to fast-track its growth through market expansion and adding more industry use cases and applications.
Commenting on the investment, Nandini Mansinghka, Co-Promoter and CEO of Mumbai Angels Network said, “There is no doubt that the future will be driven almost entirely by technology and given that video-based analysis is a rapidly growing and evolving field, our investment will help Pixuate scale up swiftly to cater to the growing demand for tech-powered video analytics across various sectors. This funding is a testament to the Pixuate team’s in-depth expertise in the field to build a robust platform that India needs.”
Speaking about the new investment in his company, Prathvi Palekar, co-founder of Pixuate said, “Our mission is to create real value for enterprises by deploying cutting-edge AI since it is unquestionably the best way ahead. Over the past 5 years, our R&D team has worked relentlessly to develop an enterprise-class analytics engine that can make sense of any video stream or image database. High availability and scalability are inherently built-in in Pixuate’s system. We are extremely grateful to receive strong support from eminent platforms such as Mumbai Angels Network, CIIE.CO, and the Technology Development Board, and hope to take Pixuate to new heights with this fresh infusion of capital.”
“Our platform has been a boon for enterprises in both private and public sectors and we are overwhelmed by the response received so far. Pixuate helps industries prevent workplace hazards, ensure compliances, track inventory at high efficiency, and reduce pilferage of goods drastically. Most importantly, the company enables top-notch automation without the need for heavy upfront investment by the clients. We can enable existing CCTV cameras, with our software that runs on low-cost GPU devices that can scale from 5 to 5000 cameras frictionlessly. Further, all our analytics have API connectors available for data that needs to be passed on to existing systems like HRMS. Lastly, our system can alert for any camera downtime, inform if an intruder or fire or any mishap is happening on the premises through instant email/SMS/API alerts. We are excited to have joined hands with reputed investors Mumbai Angels and CIIE.CO and look forward to breaking new barriers in enterprise-tech with our product”, added Akshata Kari, Co-Founder of Pixuate.
Pixuate also recently developed a unique video analytics-based traffic count and classifier system for highway audits and efficient toll management, which was successfully tested by L&T. The product reduces the turnaround time for highway audits by up to 90% which can be used by NHAI and the Government of India. Furthermore, last year, Pixuate’s temperature checking solution was utilized by the Department of Urban Land Transport (DULT) and the Government of Karnataka at Church Street – one of Bangalore’s busiest areas - for the ‘Clean Air Street’ initiative. With advanced tech-driven systems, Pixuate also helped identify 3000 mask violators and checked over 200,000 people for instances of increased body temperature.
About Mumbai Angels Network:
Started in 2006, Mumbai Angels Network is India’s premier platform focused on new venture investing. Mumbai Angels today has a 160 strong portfolio across sectors and cities across India with successful exits / next round of funding in over 60 of the companies. Today the platform has 550+ investors spread across 40+ cities within and outside India.
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