Private equity (PE) firm Florintree has picked up a significant stake in video computing platform Videonetics for an undisclosed amount.
The startup’s existing backers GenNext Ventures Fund, along with another undisclosed US-based global investor, took an exit during the transaction.
“I am very excited to partner with Florintree. Videonetics had achieved a great milestone by taking a leadership position in India… Moreover, our innovations in AI-enabled video computing technologies will continue, and I am confident that they will scale to newer heights,” Videonetics chairman and managing director Tinku Acharya said.
Commenting on the announcement, Florintree Advisors’ executive chairman Mathew Cyriac said, “Videonetics is among the few Indian companies with a core DNA of R&D and innovation, having created significant IP in its domain. We are very excited to partner with Videonetics and Dr Acharya, as they take the “Made In India” Video Computing platform to the global stage.”
Founded in 2008 by Acharya, Videonetics offers artificial intelligence (AI)-powered video management platform, which finds use cases in areas such as video analytics, traffic management and face recognition software. The startup claims that its products are cloud-ready, cloud-agnostic, scalable and interoperable.
The startup claims to have recently expanded its operations overseas to Singapore to cater to the larger Southeast Asian markets. It also plans to expand its footprint to other geographies globally.
The startup has so far raised $5.89 Mn in funding across multiple rounds and is backed by GenNext Ventures. The Kolkata-based startup competes with the likes of global and domestic companies such as AllGoVision, CronJ, Safepro, Cloudastructure, and Gorilla, among others.
With the growing percolation of AI and 5G, the video analytics space is expected to see a major boost in the coming years. These products have usage across multiple segments and sectors from facial recognition at airports to deriving actionable insights at workplaces or industrial plants.
As the demand for such products grows, the space is also expected to see a boom in fortunes in the coming years. As per a report, the global video analytics industry is projected to grow to a market size of $37.55 Bn by 2030.
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