Delhi based, AI powered video analytics platform, Wobot Intelligence announced on 4th August, 2020, that it has secured an undisclosed amount of funding in a pre series A round led by Sequoia Capital. The company intends to expand its reach globally.
Wobot Intelligence Pvt Ltd. connects to CCTV and other cameras to monitor process compliance and detecting anomalies in a company’s SOPs (Standard Operating Procedures). It serves video analytics for SOPs which include customer experience, safety & hygiene and productivity to customers across industries.
The investment comes at a time when there is an increased focus on safety & hygiene due to the coronavirus pandemic. According to the company, the market share of CCTV installations is estimated to grow at a CAGR (Compound Annual Growth Rate) of around 11% year-on-year worldwide compared to pre-Covid-19 levels.
About the company
Established in the year 2017 by Tanay Dixit, Tapan Dixit and Adit Chhabra, Wobot claims to utilize the investment to strengthen the technology platform and expand team. The company also plans to expand its marketing and sales efforts, accelerate the process of product development and make some key executive appointments.
Speaking about the company, Co-founder and CEO of Wobot, Adit Chahabra said, “Wobot’s vision has always been to create a transparent and seamless workplace with 100% process compliance where the camera acts as a third eye and provides continuous feedback for employees on the job. This does not necessarily mean only pointing out violations but also giving a pat on the back for following the right SOPs and adhering to compliance.”
Wobot said that they are leveraging deep learning to accomplish automated and productive monitoring by its smarter video analytics tools. These tools can be customized and implemented across industries like manufacturing, retail, hospitality and pharma among others.
Principal of Sequoia Capital India LLP, Ashish Agrawal, commented, “Computer vision has seen tremendous advances in recent years, resulting in widespread adoption for varied enterprise needs. This includes process compliance in areas such as security, manufacturing, and retail. Increased concern for hygiene and safety post-Covid-19 has heightened the importance of process compliance.”
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