Assert AI: Revolutionizing Video Analytics with AI Across Sectors

Introduction

Mumbai-based Assert AI, co-founded by Job Philip and Nitin Jain in 2019, has emerged as a pioneer in providing Software as a Service (SaaS) solutions integrated with artificial intelligence (AI) for comprehensive video analytics. This innovative approach aims to transform various business sectors, enterprises, and corporations by leveraging the power of AI in video analysis.

The Genesis of Assert AI

Job Philip, with over a decade of experience in investment banking, turned to his passion for AI-human collaboration in 2019. The spark for Assert AI originated during his travels to China in 2016, where he witnessed the remarkable advancements in facial recognition technology. Upon his return, Philip was convinced of the transformative potential of AI, leading to the establishment of Assert AI in 2019, in collaboration with Nitin Jain, a seasoned professional with diverse experience in consulting and entrepreneurship.

AI-Powered Solutions for Video Analytics

Assert AI specializes in SaaS solutions infused with AI to bring on-premise AI (Computer Vision) to businesses at scale. The company focuses on making millions of cameras inside industrial setups intelligent. Their technology aids supply chain management by enabling precise tracking, optimized inventory control, and predictive maintenance using CCTV and AI-powered drones developed in-house.

Computer Vision at the Core

Assert AI's approach revolves around mimicking how human eyes work through Computer Vision. By providing sufficient data and employing robust algorithms, their system becomes proficient at recognizing patterns and objects. The technology generates real-time alerts for various deviations, including intrusion detection, fire or smoke detection, personal protective equipment (PPE) violations, theft incidents, and irregularities in material handling.

Applications Across Sectors

Beyond manufacturing and supply chain processes, Assert AI's solutions extend to diverse sectors such as retail, healthcare, and traffic management. The software mimics human eye behaviour, providing real-time insights for safety and productivity on cameras traditionally used for post-event analysis.

Recognition and Funding

Assert AI garnered attention by securing the second position in Tech30 list for 2023. In November, the startup raised $2 million in funding from Prashant Purker, former managing director and chief executive of ICICI Venture, and agritech startup Arya.ag.

Leveraging the Power of Computer Vision

From the outset, the co-founders were interested in computer vision solutions. These solutions effectively use CCTV cameras by analysing feeds in real-time using machine learning algorithms to monitor the efficiency and productivity of resources such as trucks, employees, and docks.

The Making of Assert AI

Assert AI officially launched its solutions in 2020, aiming to build software compatible with any camera available in India. The recent AI explosion has significantly impacted the startup, with tremendous growth in demand witnessed over the past year.

Geographic Expansion and Future Goals

Assert AI, with over 65 employees and offices in Mumbai, Bengaluru, and Delhi, is expanding globally, leveraging success in the US and UAE. The startup aims for significant expansion, targeting a tripling of operations by March 2024, ultimately reaching an Annual Recurring Revenue (ARR) of about a million dollars by the end of the fiscal year.

Revenue Model and Competitors

Assert AI operates on a revenue model that encompasses both initial setup and ongoing value, with clients incurring a one-time setup and customization cost. Competitors include Integration Wizards, Staqu, Tango Eye, Wobot, EverSeen, Leela.ai, and DeepNorth.

Human-AI Collaboration

While Assert AI works to eliminate human errors from critical processes, it emphasizes that its solutions are not a replacement for humans. The company believes in the fusion of human intelligence and AI, where technology augments capabilities rather than substitutes for them, fostering a partnership that evolves in parallel.