Wobot Intelligence, which runs an eponymous artificial intelligence (AI)-powered video analytics platform, has raised an undisclosed amount in a bridge round of funding from Sequoia Capital India.
The company will use the fresh capital for global expansion and to strengthen its proprietary technology platform, it said in a statement. It dubbed the latest round a pre-Series A round.
Apart from key executive appointments, the capital will be used to expand sales and marketing as well as enhance product development to cater to more use cases and customers.
New Delhi-based Wobot was founded by Adit Chhabra, Tapan Dixit, Tanay Dixit in 2017. The company enables vision-based process compliance.
Wobot claims to help organisations in food, biotech, pharma, manufacturing and retail industries to reduce the cost of monitoring employees, risk of non-compliance, pilferage and also improve productivity by plugging in its deep learning computer vision tools into existing cameras.
Its solutions connect to existing CCTV (close circuit television) or other forms of cameras and help monitor process compliance while detecting and tracking anomalies in an organisation’s standard operating procedures (SOPs).
“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 compliances," Chhabra said.
Wobot has a team of more than 60 employees now and has completed over 10,000 installations for customers including Kitopi, CultFit, Rebel Foods, Travel Food Services, EatFit, Blue Tokai, Apparel Group, Max Estates & Housing and more.
The market for CCTV installations was estimated to grow at a CAGR (compound annual growth rate) of around 11% YoY globally pre-Covid-19. It will grow even faster in the post-Covid-19 era, the statement said.
“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,” Ashish Agrawal, Principal, Sequoia Capital India said.
Wobot was one of the 11 finalists in Intel India’s tech startup incubator Plugin’s third edition.
It competes with the likes of Noida-based Vidooly which is backed by Alibaba and Times Internet.