Assert AI, a software-as-a-service startup focused on computer vision, said it has raised $2 million from Prashant Purker, former managing director and chief executive of ICICI Venture and agritech startup Arya.ag.
The partnership will help Arya.ag’s AI & deep tech vision for its storage, financing, and commerce offerings. The integrated platform plans to introduce a public agri-blockchain ledger.
“Through our strategic investment in Assert AI, we aim to consolidate our AI & Blockchain offerings. This partnership will work towards conceptualising and innovating computer vision solutions specifically for the agricultural ecosystem,” said Prasanna Rao, co-founder and managing director, Arya.ag.
Mumbai-based Assert AI offers artificial intelligence(AI)-based video analytics solutions. Founded in 2018 by Nitin Jain and Job Philip, the startup was previously bootstrapped. It offers applications for workflow automation, security & surveillance, health & safety compliance, footfall monitoring amongst others.
Through the funding, Assert AI is expanding its presence overseas in the US market, with an office in Chicago, the company said. It also aims to extend its solutions to agritech, grain warehousing and penetrate deeper into warehousing, logistics, supply chain management, manufacturing and retail sector.
“Digitization and related proliferation of video, as well as other forms of the visual medium, is on an ever-increasing exponential curve. The need of the hour is to transform observations from these mediums into actionable business insights and ensure that this is executed in real-time,” said Job Philip, co-founder, Assert AI.
"The latest round of funding furthers our resolve to continue innovation in the visual analytics landscape and expand its reach to large untapped segments, including agriculture," he added.
Assert AI has over 30 clients in sectors such as consumer goods, ecommerce, banking and financial services, ports and warehousing. It has a team of 55 employees in Mumbai, Pune, and Bengaluru.
The announcement follows Arya.ag’s acquisition of agriculture-focused data science company Prakshep, which it announced in June, to bolster its capabilities for farm digitization, crop monitoring, quality assaying and surveillance.
Arya.ag was originally part of the JM Baxi Group. In 2013, co-founders Rao, Chattanathan Devarajan and Anand Chandra acquired a controlling stake in the company. Before taking a controlling stake in Arya, Rao was the head of farm commodity finance at ICICI Bank while Anand was previously ICICI’s national product head for agricultural commodity finance.
The company is backed by Quona Capital, Lightrock India, LGT Lightstone Aspada and Omnivore. Earlier in January, it raised $60 million in a mix of equity and debt funding. In December 2020, it had raised $21 million as a part of its Series B funding round.
