Raise 2020: This startup helps companies to monitor their businesses without human interruption
Mumbai-based startup Diycam uses robotic process automation (RPA) to help businesses across industries to enhance efficiency and reduce dependency on manpower.
A majority of organisations use CCTV or video analytics to do manual monitoring of compliance and operation. However, it is often impossible for humans to continuously monitor with accuracy, due to fatigue and distraction. Additionally, such solutions are expensive and require server and cloud-based support.
It is to solve this complex problem of operations and compliance that Mumbai-based robotic process automation (RPA) startup, , was founded. Its product monitors using computer vision, IoT, and AI designed industry wise specifically.
A demonstration of Diycam solution
“The biggest challenge with video analytics is that it only provides data but doesn’t give the luxury of automated decision making. We extract values from visual data and complete AI-driven decision making, thus automating everyday monotonous tasks. This step will assist enterprises in improving business efficiency, increasing productivity and reducing risk. We use this data to take AI-based decisions and actions without human intervention,” says Founder and CEO Gagan Randhawa.
Founded in 2015, Diycam recently began its operations in Japan and Hong Kong.
What is different?
According to the Diycam team, the market is overcrowded with video analytics companies, and there are only a handful of companies who have expertise in RPA and can integrate smart hardware with video analytics.
Realising this, Gagan, who has earlier worked for Singapore Telecom, Tata and Tulip Telecom, decided to tap into the gap in the market, and build a product around it.
Talking about its USP, Gagan says, “our customers get an AI-driven decision making tool, which is customisable, cost-effective, and DIY. As the name suggests, ‘DIYCAM’. Our product is simple to install and use, and is designed to make operation and compliance management easy for customers.”
He added that his team of engineers, who have expertise in creating customised products based on software and hardware (even at chip level), makes them different from the crowd.
“Moreover, many of our competitors, especially the video analytics companies that lack expertise in the hardware side, have now become our clients."
Team at Diycam
Serving the B2B market
Gagan says, “Our approach was simple. From the very beginning, we shortlisted certain sectors for whom we created our product. We approached prospective customers from specific sectors and proved to them how our product can ease and automate their operations and reduce their dependency on manpower. Friends and colleagues from previous companies gave some good connects and leads.”
Diycam primarily offers its solutions to the following sectors:
Hospitality and safety: for contactless entry system, compliance management system and social distancing check.
Banks, ATMs and financial institutes: helps in threat and alert management system, including weapon and abnormality detection and alert system.
Its AI-based smart branch automation and analytics systems also gives insights on bank operations like details about customer footfall inside the branch, queue management and compliance management.
Shipping and logistic: essentially for port and warehouse automation system. Specially made to ease operations from managing entry gates to providing details about vehicles and containers entering and leaving the shipping port.
The startup was successful in getting new customers during the COVID-19 pandemic as most businesses went for contactless entry solutions. Many of these new customers suffered business loss due to manpower dependency in operations, and preferred to get RPA done for their units and factories.
Industry perspective
According to reports, the Machine Vision Market size was valued at $9.6 billion for 2020, and is projected to reach $13.0 billion by 2025; it is expected to grow at a CAGR of 6.1 percent during the forecast period.
With two patent grants and a third in the process of filing, Diycam claims to have more than 30 + enterprise customers.
Some of Diycam’s clients include Southern Railway, McDonald’s, Ericsson, Standard Chartered Bank (Ghana), Trigyn Technologies, Hitachi Payment Services, POWERGRID Corporation, Treasure Inc (Japan), Landmark Logistics ( Mundra Port), Samriddhi Automation, and Zicom.
Revenue model
The startup generates revenue through its one-time fee and renewal of licensing fee for product. It claims to have done deals worth more than $1,50,000 in the last nine months.
The company is also in talks with VCs from Japan and India to raise funds for expanding its business and product line.
Edited by Anju Narayanan