SUMMARY
The listed company’s new AI platform, THEIA, will help businesses, institutions, and governments to analyse extensive self owned video footage
Its video analysis caters to sports analytics, media optimisation, traffic management, crowd control, insurance claims processing, optimisation of manufacturing units, retail stores and other industries
Infibeam plans to open the platform for organisational subscriptions by the end of Q1 FY25
Listed fintech company Infibeam Avenues on Monday (March 11) rolled out a video artifical intelligence developer platform for transforming business operations via AI, a week after securing final authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator via its payment gateway brand CCAvenue.
Infibeam’s new AI platform, THEIA, empowers organisations to harness the power of AI video analysis for applications in areas such as sports analytics, media optimisation, traffic management, crowd control, insurance claims processing, optimisation of manufacturing units, retail stores and other industries as well as government applications, it said in a statement.
The platform’s video processing module uses in-house AI models to select the most relevant key frames. It then utilises autonomous AI Agents that can pick and choose the right computer vision or language models to solve the user’s query. Finally, it provides a video understanding module to deliver a standard output interface such that any downstream application can consume this data and build on top of it.
“Beyond security, videos will now serve as powerful tools for enhancing productivity, workforce efficiency, and decision-making across businesses, government entities, and organisations. The era of video data transformation has begun,” said Rajesh Kumar SA, CEO of Phronetic.AI, an AI business unit of Infibeam Avenues.
The company further said it plans to open the platform for organisational subscriptions by the end of Q1 FY25. As of now, it has initiated a six-week open invitation to app Developers and experts (like data scientists and Machine Learning (ML) experts) to explore and utilise the platform and give feedback.
It is pertinent to note that the listed company has been bullish in developing its AI-led surveillance capabilities over the years. “We’re here to change the game, enabling organisations to use video data for business purposes and not just forensics,” said Infibeam’s chairman and managing director Vishal Mehta.
Apart from Phronetic.AI, Infibeam is also a stakeowner in two AI surveillance startups Staqu and XDuce. While XDuce is an enterprise app and AI development company that specialises in building AI solutions for businesses to optimise customer-facing systems, Staqu operates an AI-backed video analytics platform called Jarvis for law enforcement agencies to better analyse feeds from 700 CCTV cameras.
Infibeam Avenues Ltd’s consolidated profit after tax (PAT) logged a 64% jump to INR 42.1 Cr in the December quarter (Q3) of the financial year 2023-24 (FY24) from INR 25.7 Cr in the previous year’s quarter, catapulted by festive demand and more merchants turning to its CCAvenue payment solution.
The platform’s operating revenue more than doubled to INR 912 Cr in Q3 FY24 from INR 414.7 Cr in the corresponding period of last year.
