Bengaluru based OurEye.ai uses AI to power security cameras
January 05th 2021: OurEye.ai is a Bengaluru-based startup, founded in August 2020 by Sourav Sanyal, Saurabh Ghanekar, and Miran Junaidi, students of SRM University and is presently a team of 10 employees. The startup provides an automated, end-to-end video intelligence solution for enterprises to monitor any Standard Operating Procedures, leveraging pre-existing CCTV-IP infrastructure.
OurEye.ai’s ML-powered platform monitors all CCTV feeds, automatically generating insights and metrics, and enforcing the upkeep of standardised and custom SOPs. It continuously observes, monitors, and analyzes workplace activity, to provide comprehensive metrics that promote remote auditing, and drive top quality at all times. It requires near-zero human intervention or action to perform. OurEye’s business model is subscription-based or software as a service (SaaS), with revenues earned on a per-camera-per-month module for each client and charges anywhere from Rs 750 to Rs 4,000 monthly for each camera. The startup has just started earning revenues and expects to close the next fiscal (FY22) with Rs 9 crore.
The three founders are batchmates at SRM University in Andhra Pradesh and are currently in their last year of graduation. They were 19 when they took their first steps towards entrepreneurship. They were a part of several hackathons such as Developer Week and Minerva Hacks a shot and were also invited to LA Hacks, a global hacking event held at the University of California, which changed their fortunes as they ended up as winners at LA Hacks. After the win, the trio got invited to TechCrunch’s Disrupt Berlin 2019. That’s when they decided to launch this startup in 2020. By the middle of the year, they were ready with back-end application programme interfaces (APIs) for real-time video intelligence.
The founders invested Rs 4 lakh each out of their earnings from participating in hackathons and conferences. They raised their first seed round of $120,000 from Indian venture capital fund 100X.VC that invests in early-stage startups. They have seven global clients signed up with them, including ongoing pilots with Burger King and Ghost Kitchens. The founders plan to sign up international clients in the next few months, with a target of getting 500,000 AI-enabled cameras on OurEye’s network.
“SaaS 2.0 is just the beginning of a new range of products that incorporates customisations to help businesses dive deep vertically into use cases that would enable them to make better data-driven decisions. We’re in an exciting space where businesses have so many processes and for us to create a possibility in a way that allows us to scale, deliver solutions faster and create a sustainable business model is key” stated Sourav Sanyal. He further stated that “The difficulties have been massive, from product management and development to sales, especially to enterprises, it’s been difficult for us as 20-year-olds. It is a big learning curve. However, the product has been able to speak for itself to most clients, and as founders, we are learning every day.”
OurEye.ai claims that its services and products are currently in use by 11 different companies across 17 different outlets and is generating revenues. It presently competes with UnCanny Vision, Ring Labs, and Envy Vision. According to Gartner, SaaS will be a $110 billion industry in 2021.
