Excl: Video Analytics Startup Proof Of Performance Raises Funding From YourNest Angel Fund
Noida-based Proof of Performance Data Services Pvt Ltd (PoP), which offers insights to marketers based on the video analytics derived from real-world videos, has raised funding from YourNest Angel Fund, an early-stage venture capital firm. Although the exact quantum of investment could not be immediately ascertained, the investment is estimated to be around Rs 3-5 crore ($0.6-1 million), given the investment strategy of the sector-agnostic fund.
This also happens to be the first investment made by YourNest Angel Fund, which has just made the first close of its maiden fund. It intends to raise a total of Rs 100 crore to invest in startups, straddling between angel and series A rounds. Following this investment, Sunil K Goyal, CEO and fund manager of YourNest, has joined the board of the company.
Proof of Performance captures and creates an archive of real-world data on the Cloud. The Earthive or the Cloud platform will then analyse the data to extract business information for various industry sectors. Subscribers can use the relevant data to plan, monitor and analyse campaigns with accuracy and speed.
Talking about the investment in PoP, Goyal said, "The most important aspect of investing in PoP was the very thought behind the idea, the speed of execution and the demonstration of entrepreneurial abilities in creating opportunities just from nowhere."
Proof of Performance had earlier raised seed funding from Centre For Innovation, Incubation & entrepreneurship (CIIE) â€“ IIMA.
"PoP demonstrated path-breaking use of technology and video analytics for decision-makers," said Goyal. "The entrepreneurial spirit in finding innovative solutions for multiple use cases encouraged us to rally behind this team. YourNest will support its expansion drive across major cities in India and the international markets," he added.
The fund will be used by PoP for strengthening its technology platform called Earthive and building better infrastructure facilities, product extensions and technology adoption.
Proof of Performance was founded by the husband-wife duo of Harjaap Singh Mann and Arvinder Mann in December 2010. An alumnus of National Institute of Technology, Silchar, Harjaap had previously worked with Netica Solutions and also founded an NGO called Dwaar, for differently abled people. Arvinder on the other hand, has been a part of the faculty of Kuoni Academy of Travel and Frankfinn Institute of Air Hostess Training.
Talking to Techcircle.in, Harjaap said, "PoP offers insights to decision-makers, based on the video analytics and these are available on its Cloud-based platform called Earthive. The videos are captured through pre-defined drive-throughs within the city at regular intervals. The high-definition videos and allied data such as GPS co-ordinates are then mined to extract the required business intelligence. The same set of videos will also be analysed for other verticals, like urban development, roads and highways and law enforcement."