Triton Investment Advisors, a Mumbai-based venture capital firm, has invested in an artificial intelligence- and deep learning-based startup that is focussed on quality assessment, defect and damage detection. The investment in CamCom, operated by Gifto Retail Technologies Pvt. Ltd, is part of the startup’s pre-Series A round, a company statement said. It didn’t disclose the quantum of the investment.
Founded in 2017 by seasoned technology industry professionals Ajith Nayar, Umesh and Mahesh Subramanian, CamCom started on bootstrapped mode, and has received an angel funding of $200,000.
Its computer vision platform harnesses deep learning to automate quality checks and provide predictive, prescriptive solutions in a product’s life cycle. The startup’s solution is being used in the automotive, warehousing, and bottling industries.
In the near future, CamCom intends to further innovate with new computer vision-based product lineup. According to the startup, this will help enterprises become more efficient, reduce human errors, and bring about higher quality products.
The startup says it intends to become a top player in the quality assurance segment through its computer vision-based platform. According to its website, CamCom leverages computer vision and deep learning to automate quality checks across a product’s lifecycle. It provides quality checks to industries such as various parts of the automobile manufacturing and after-sales service ecosystem and supply chains in the bottling industry.
Mahesh Subramanian, CEO and Co-founder, CamCom, said “We are excited to work alongside Triton to grow CamCom. Triton has supported B2B SaaS startups with their unique blend of industry experience and financial acumen. We are primed for success with the Triton team supporting us in our journey to become the pre-eminent player in the computer vision enabled quality control space.”
Mumbai-based Triton primarily invests in B2B services companies with highly scalable business models. It typically invests in seven to 10 companies, with the investment period lasting four to seven years. Previously, it has invested in the likes of recycling startup Recykal, QSR Jumboking, HR-technology startup ZingHR, and digital marketing company Ethinos.
On the funding, Dev Raman, Partner at Triton, said, “What impressed us about CamCom is that the platform goes beyond data interpretation with a mix of product engineering and predictive and prescriptive analytics to solve critical challenges in any product manufacturing process. Not only do they have a backend software to get to the root cause of problems but also attack the front end automation to provide the best solutions.”
AI startups have seen a massive surge of investor interest and funding in the last few years, as companies and clients across sectors seek to address pain points in their operations. Startups are also using to open up new products, service categories, and entire sectors.
Last month, field service automation startup Zinier Inc. raised $90 million (around Rs 638.52 crore) in a Series C funding round led by the US-based investment management firm ICONIQ Capital. Tiger Global Management, Accel, Founders Fund and the Nokia-backed NGP Capital were also among those that took part in the investment.
In December, AI-based voice conversations startup Observe.ai raised $26 million from a clutch of investors, including California-based VC firm Scale Venture Partners, Nexus Venture Partners and Steadview Capital. In November, Cogniphi Technologies Pvt. Ltd, an AI-based cognitive technology startup, raised funding from UST Global Inc.
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