CCTV-based video analytics solutions company Graymatics is considering raising at least USD 20 million (around Rs 153 crore) by the end of 2022, as it looks to scale up business growth by tapping into global opportunities in smart city projects and transportation, retail and other key verticals.
The Singapore-based cognitive media processing startup, with offices in India, UK, Latin America and the US, is backed by strategic corporate partners such as Citrix Systems and Quantela, apart from other financial investors.
Graymatics, which offers a range of Artificial Intelligence (AI) powered video analytics solutions, has so far raised USD 8 million in previous rounds, its founder Abhijit Shanbhag said.
“As things stand today, we are looking to raise at least about USD 20 million by end of the calendar year 2022. This is the proposed amount, and the final estimate will be firmed up in coming months depending on the market, the large signature deals being signed off, and certain inorganic elements to our strategy,” Shanbhag told PTI.
Graymatics’ video analytics solutions enables clients draw critical insights from existing CCTV infrastructure, in detailed dashboards with various solution components. It operates in core fields such as smart city projects and transportation, smart commercial buildings and factories, IT companies, oil and gas organisations, smart bank and retail businesses.
Graymatics also offers customised solutions to ensure adherence to COVID-19 protocols including masking and focuses on traffic monitoring, number plate recognition, vehicle detection, among others areas.
“We build AI software which analyses CCTV feeds. For instance, the software can analyse CCTV feeds for real-time traffic to identify traffic violations like overspeeding, and can also capture data that can be used to make traffic operations more smooth, and efficient,” Shanbhag noted.
The computing platform can be customised to manage office complexes, manufacturing parks, shopping malls, residential complexes, transport networks, hospitals, and smart cities.
In the backdrop of the rise of CCTVs in urban and commercial landscapes, the company’s solutions convert massive video content generation into machine-understandable data, and offer a wide range of solutions.
Graymatics offers its solutions in markets of south East Asia, including Singapore, Indonesia, Thailand, Malaysia, and the Philippines; Middle East; Europe; and is also seeing deals flowing from Latin America and Africa, according to Shanbhag.
“North America is the largest revenue generator for us. Also, the Indian market is showing a strong momentum, and we are pleased at how India is adopting best-in-class AI solutions in various verticals,” he said.
Graymatics was initially funded by Citrix Systems and the Singapore Prime Minister’s Office. In 2020, the smart city enabler Quantela also made a minority strategic investment in the company.