Quantela, a smart city solutions provider, has invested in Silicon Valley-founded and Singapore-based Graymatics, a cognitive multimedia analytics company.
Graymatics is known for its AI platform that helps transform installed CCTV video feeds into customer-centric solutions in different industry verticals. The all-equity deal would give Quantela a minority shareholding in Graymatics and help build capabilities in video analytics into its AI-driven smart solutions for smart cities, buildings, education campuses, public spaces and commercial establishments.
Quantela has deployed its solutions at 100 smart city projects across the globe and has a presence in Hyderabad.
For Graymatics, which caters to industries such as surveillance, telecom, media and advertising, retail and e-commerce, the deal opens doors for it to be a part of global smart city projects through Quantela. Graymatics provides video analytics solutions to different smart cities.
“Looking from the lens of technology maturity, adaptability and affordability, this is the right time for us to scale globally by enhancing Quantela’s smart city platforms, which have strong real-time data analytics capabilities, with the power of video analytics to deliver more meaningful and measurable outcomes for city administrators and citizens,” Sridhar Gadhi, Founder and Chairman, Quantela Inc. said.
“This will help accelerate Quantela’s journey to improve the liveability of cities and the quality of life of citizens,” he said.
Amr Salem, CEO, Quantela Inc., said, “Most video analytics companies are unable to analyse the actual video content in real-time. Graymatics, with its real-time indexing, analysis and classification of videos and images is innovative in this respect.”
Abhijit Shanbhag, President and CEO, Graymatics, said, “The utility for video analytics goes beyond security and can easily transcend into a powerful tool that can help us run our lives and cities more efficiently.”
In India, Quantela has partnered with the Ministry of Housing and Urban Affairs (MoHUA) to set up the first India Urban observatory in March 2019 to leverage data analytics for optimizing city operations, improving governance and enhancing economic performance of cities across the country.
Backed by Digital Alpha, an investment firm focused on digital infrastructure and services required by the digital economy with an equity investment of $10 million in 2018, Quantela was recently accorded ‘Minicorn’ status by data intelligence.