Pixuate raises $1M Seed round from SucSEED Indovation Fund and others

SaaS News - Pixuate raises $1M Seed round from SucSEED Indovation Fund and o (source: SaaS Industry)
At a Glance

SucSEED Indovation Fund and others have invested $1 million in Pixuate, a deeptech video analytics platform. Pixuate seeks to provide real-time and actionable information. Pixuate’s flagship platform, Plant360, which is powered by analysis, offers a wide range of deep-tech business solutions.

Pixuate, a deeptech video analytics platform, has recently raised $1 million in a seed funding round from SucSEED Indovation Fund, Mumbai Angels Network, CIIE-IIM Ahmedabad, and other eminent angel investors. The Technology Development Board (TDB), a nodal agency of the Indian government, had recently provided debt funding support to Pixuate. 

Pixuate by Cocoslabs Innovative Solutions Pvt Ltd creates Pixuate’s Founder and CEO, technopreneur Prathvi Palekar. The business intends to offer real-time and actionable insights from large amounts of video and picture data using proprietary AI, Deep Learning, and Computer Vision techniques.

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.

Prathvi Palekar, Founder and CEO, Pixuate

Plant360, Pixuate’s flagship intelligent video analytics platform, provides the most comprehensive set of capabilities for enterprise and industrial businesses, including security intelligence, compliance audits, and automation, and analytics for people (such as facial recognition and thermal scanning), vehicles (such as ANPR, vehicle classification, and violation detection), and objects (such as object recognition) (including safety gear check and object detection). The Pixuate Plant360 platform, which is powered by analytics, offers a full range of deeptech business-grade solutions. 

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.”

Vikrant Varshney, Co-founder and Managing Partner of SucSEED Indovation Fund

The covid pandemic has increased focus on reducing touchpoints, and digitization 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.

Vikrant Varshney, Co-founder and Managing Partner of SucSEED Indovation Fund

There are around 6,000 corporate clients in India, according to Pixuate. Enterprise clients would spend an average of Rs 15 lakh per year on video analytics. The government of India has declared the creation of 100 smart cities, with another 100 in the works — with AI analytics receiving 5% of the overall expenditure. 

In India alone, Pixuate sees an addressable market of Rs 2,000 (approx. USD 280M) crore each year and aims to capture 5% of that market in the next two years.

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