Arya.ag, India's largest and only profitable integrated grain commerce platform, has announced a strategic investment in computer vision-focused SaaS startup Assert AI.
The development is part of Assert AI's latest fund-raise amounting to $2mn and involved participation from Prashant Purker, Ex-MD & CEO of ICICI Venture, in his personal capacity.
Assert AI aims to utilize the funds to expand its presence overseas in the US market and develop exclusive products for the agriculture industry. Computer Vision is rapidly assuming prime business consideration with the increasing demand for insights-driven digital images and videos.
This strategic investment aims to strengthen Arya.ag’s blockchain offerings and AI and deep tech vision for unprecedented visibility and assurance for its storage, financing, and commerce offerings, the company said in a press release.
Assert AI has already established itself as a formidable name in computer vision with offerings that include face recognition, object detection, weapon detection in high-risk areas, docks utilization, packet counting in warehouses, and safety gear detection, among others.
Under this context, Assert AI aims to have a unique proposition in translating computer vision analytics into actionable business intelligence for businesses of all sizes.
On the development, Job Philip, Co-Founder, Assert AI commented, "Digitization and related proliferation of video as well as other forms of the visual medium (are) 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. The latest round of funding furthers our resolve to continue pioneering innovation in the visual analytics landscape and expand its reach to large untapped segments, including agriculture."
Prasanna Rao, Co-Founder and Managing Director, Arya.ag said, "At Arya.ag, we endeavour to digitize an otherwise conventional agri value chain. Tech-led computer vision ensures complete assurance for farmers, lenders and buyers as they transact on our platform. Through our strategic investment in Assert AI, we aim to consolidate our AI and Blockchain offerings. This partnership will work towards conceptualizing and innovating computer vision solutions specifically for the agricultural ecosystem."
For Arya.ag, investment in Assert AI follows the startup's recent move to acquire data science company, Prakshep, which consolidated the company's deep tech capability to provide traceability, transparency, and quality assurance for seamless commodity commerce. Arya.ag is also in the advanced stages of introducing a first-of-its-kind public agri blockchain ledger in the country.