AI-solutions provider Corseco raises $150K in funding

New Delhi-based Corseco Technologies Pvt. Ltd, the company which runs and operates Corseco, which provides AI-based Software as a Service (SaaS) solutions to other businesses has raised $150,000 (Rs 1 crore) in funding from Ameera Shah, managing director and CEO, Metropolis Healthcare Limited, and Vivek Bhargava, CEO, iProspect India for an 8% equity stake.

The company plans to expand its team and start operations in Bangalore. It also plans to establish sales offices in Delhi and the United Kingdom, Vivek Singh, co-founder, Corseco, said.

In August 2016, the company had raised $75,000 (Rs 50 lakh) in funding from UK-based investor Sanjay Choudhary.

"We have already got two orders. We are also speaking to big companies for data analytics services. The future for this product is huge and there is no one in India who is giving data analysis out of the video footage. We are also receiving a lot of queries and the demand is huge," Singh said.

Corseco was founded in August 2016 by Arush Kakkar and Singh. Kakkar is an alumnus of Delhi College of Engineering while Singh graduated from Symbiosis in Pune. Corseco is an end-to-end artificial intelligence driven solution provider to enterprises.

The company provides AI services for visual data and video feeds. The company is currently operational in New Delhi. The company claims its technology can identify and track any object in places such as warehouses, retail stores and manufacturing industries which can impart high intelligence to businesses.

The startup raised funding during a recent episode of The Vault, a reality show for aspiring entrepreneurs to mobilise funds.

In October, Bengaluru-based Ambee, which makes a gadget to protect against air pollution, and New Delhi-based snacks and dessert delivery company Foodebaba had secured investments from Omaxe Ltd CEO Mohit Goel and iProspect India CEO Vivek Bhargava, respectively during the previous episode of The Vault.