Assert AI, a computer vision company offering artificial intelligence (AI) based video analytics solutions to various industries, on Monday announced that it has raised Series A funding round of $4 million. The investment was led by investors including Ramesh Hariharan (ex-CTO and Co-founder of LatentView), Prashant Purker (former MD & CEO of ICICI Venture), Arya.ag integrated grain commerce platform), and select individuals, the company said in a statement.
Assert AI, which has operations in India, the US and the Middle East, said it will deploy the capital “to bolster its presence in essential markets, enhance research and development efforts, and continue pioneering new advancements in Computer Vision technology.”
Speaking on the fundraise, Job Philip, CEO, Assert AI, said, “This investment reflects the confidence of our investors in Assert AI’s vision and potential. It will fuel our expansion efforts and accelerate the development of innovative AI Vision solutions that drive value for our clients globally.”
Assert AI offers a no-code platform Pratham for computer vision tailored for non-AI users to integrate data into their production systems including API endpoints, direct hardware integration and comprehensive dashboards for actionable insights.
Additionally, Assert AI’s drone-based solution Falcon enables warehouse inventory management with real-time tracking and optimization capabilities.
In November 2022, the company had raised $2 million from agritech startup Arya.ag and Prashant Purker, Ex-MD & CEO at ICICI Venture.
Assert AI said it is “looking forward to forging new partnerships, delivering impactful solutions, and driving positive change across industries.”
The global video analytics market is expected to grow at a CAGR of 22.3 per cent from $8.3 billion in 2023 to $22.6 billion by 2028 as various industries including retail, manufacturing units, warehousing, traffic management, logistics & supply chains, healthcare, pharmaceuticals, etc., opts for video analytics applications for enhanced security, according to advisory company MarketsandMarkets.