SucSEED Innovation Fund, others leads $1M seed round in Pixuate

Bengaluru-based Pixuate, a deeptech video analytics startup, today said it has raised $1 million in a Seed funding round led by Hyderabad-based SucSEED Innovation Fund. The round also saw participation from Mumbai Angels Network, CIIE-IIM  Ahmedabad, and few eminent angel investors.

Pixuate will utilize the raised capital in research and development (R&D) and expanding market presence to reach more customers.

The startup had previously received debt funding from the nodal agency of the Government of India, Technology Development Board (TDB). 

Speaking on the development, Prathvi Palekar, the Founder said:

"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.’’

Founded in 2012, Cocoslabs Innovative Solutions Pvt Ltd, which owns and operates Pixuate, enables intelligent business process automation through advanced computer vision, AI, and machine learning and aims to deliver real-time and actionable insights from high-volume video and image data.

The startup claims that its patented technologies are being used in industries like Security Services, Retail, BFSI, Hotel and Hospitality, Traffic Optimization, AP/AR, Business Process Management, Travel & Transport, Supply Chain Management, etc.

Speaking on the investment, Vikrant Varshney, Co-founder and Managing Partner of  SucSEED Innovation 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."

"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," he adds.

According to the startup, There are around 6,000 enterprise customers in India. On average, enterprise customers would spend Rs 15 lakh per year on video analytics requirements. 100 smart cities have been announced by the Government of India and another 100 smart cities are in the pipeline – considering that 5% of the total budget is allocated for AI analytics. 

Pixuate is aiming to mark its big presence at an addressable market of Rs 2,000 crore per annum in India alone and plans to capture 5% of this market within the next two years, the startup adds.

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