[Funding alert] OurEye.ai raises $120k from 100X VC and Amara Ventures
.ai, a startup offering end to end automated virtual auditing, has raised $120k from a clutch of angel investors, including 100X.VC and Amara Ventures.
Sourav Sanyal said, “SaaS 2.0 is just the beginning of a new range of products that incorporates customisations to help businesses dive deep vertically into use cases that would enable them to make better data-driven decisions. We’re in an exciting space where businesses have so many processes and for us to create a possibility in a way that allows us to scale, deliver solutions faster and create a sustainable business model is key”
Launched in August 2020 by Sourav Sanyal, Miran Junaidi, and Saurabh Ghanekar, OurEye.ai enables businesses to deploy a virtual auditor/quality manager though existing surveillance cameras, to observe, monitor and produce actionable insights to improve business operations and their scale.
Minal Desai, Partner at Amara Ventures said,
“CCTVs are a ubiquitous element of our modern life. However, presently they are used mostly in retrospect, after an event has occurred. It is a sinful waste of data and information that just lies idle until laboriously and manually checked up. But with OurEye’s technology, a business owner, corporation, organisation can actually put it’s CCTVS to use for quality and compliance purposes. The scope of the concept cuts across various industries and domains and is endless in principle. Moreover, being hardware agnostic makes it highly and rapidly scalable."
OurEye.ai claims that its services and products are currently in use by 11 different companies across 17 different outlets and is generating revenues.
The founders added that the funding will be used to enhance its platform, create a sales team, and spruce up the office in Bengaluru.
Ninad Karpe, Partner at 100x.VC, said, "The market for video-based intelligence is nascent and is bound to explode soon. At 100X.VC, we believe that OurEye is uniquely poised to capture a large slice of this market with its unique offerings.”
OurEye.ai’s ML-powered platform monitors all CCTV feeds, automatically generating insights and metrics, and enforcing the upkeep of standardised and custom SOPs.
The startup was featured on 100X.VC’s Class-02 startup list and now has a team of 10 employees.