Deeptech startup Awiros has raised $7 million in its series A funding round led by Inflexor Ventures and Exfinity Venture Partners, with participation from sector-agnostic fund VedaVC, family offices and high-net-worth individuals (HNIs).
Awiros aims to use the funds to improve product, build its developer community, and growth in India and overseas markets. The funding round will also allow Awiros in increasing the size of its India and US teams, both in technology and sales-related functions.
Founded in 2015 by Gupta and Yatin Kavishwar, Awiros develops artificial intelligence (AI)-based computer-vision platforms primarily for video processing. The startup operates a marketplace of video AI apps.
Using the marketplace, customers can discover and adopt suitable technology solutions based on their needs. Awiros claimed that its average customer subscribes to more than 10 apps today, up from four in 2019.
“This funding round will help us build momentum for global growth by increasing our market share, streamlining technical operations and investing in the research and development (R&D) of existing and new product categories,” said Vikram Gupta co-founder and chief executive, Awiros.
Awiros’s clientele includes several companies from Fortune 500, the startup said in a release, adding that customers are using large-scale video AI deployments across manufacturing, warehousing, data centres, critical infrastructure and public safety.
“Awiros’ approach is analogous to Android OS which enables and empowers the customer to design and deploy AI-based solutions for their business needs. Awiros has excellent business synergy with our portfolio company Kinara (erstwhile Deepvision) wherein they will be able to co-develop solutions in domains such as retail automation, smart buildings, Industry 4.0 for Fortune 500 clients,” said Chinnu Senthilkumar, managing partner at Exfinity Venture Partners.
“As cameras become even more ubiquitous globally there will be a huge addressable market for their products. Awiros investment fits very well with Inflexor’s deeptech/tech IP theme and backing solid founders in this space,” said Jatin Desai, Managing Partner at Inflexor Ventures.
In India, there are currently around 3,000 deep-tech startups operating in areas such as AI, internet of things (IoT), blockchain, big data and analytics, according to a Nasscom report. About 270 such startups have received investment, having raised close to $2.7 billion collectively across 319 deals, the report noted.
However, the number of deals happening in the deeptech sector is increasing. For instance, earlier this week, BlackSoil invested in Tonbo Imaging, an indigenous manufacturer of advanced electro-optics solutions for military and commercial applications.
Also, last week, Baring Private Equity Fund India and Inflection Point Ventures, along with Dr Sunil Shekhawat, former head of product initiatives and deep-tech club at Nasscom, have recently launched a new platform to back deeptech startups in the country.
