After over a decade in investment banking, Job Philips decided to follow his passion for AI-human collaboration in 2019. His journey to entrepreneurship started three years earlier, in 2016, when he had to extensively travel with one of his portfolio companies to China.
“At the time, artificial intelligence (AI) was a theoretical concept for many,” he tells YourStory.
He recalls, “Everything revolved around facial recognition, which fascinated me. The advancements they were employing to recognise and analyse various aspects were remarkable.”
Upon his return, Philips became convinced that this technology could stand alone in terms of its capacity and impact. This is what sparked the idea for Assert AI, which he co-founded in 2019 with Nithin Jain, whom he had met at a hostel while studying at IIT-Bombay.
With over 15 years of experience, Jain has a diverse background with stints as a consultant and business researcher at companies such as Capgemini and PerkinElmer. He also has several startup experiences, with his most recent role being the Founder and CEO of hyperlocal advertising platform Machadalo.
Mumbai-based offers Software-as-a-Service (SaaS) solutions infused with AI for comprehensive video analytics across diverse business sectors, enterprises, and corporations. It aims to solve the main issue of bringing on-premise AI (Computer Vision) for businesses on scale.
In simpler words, Assert AI makes “millions of cameras inside the industrial set-ups smart”.
For example, its technology aids supply chain management with precise tracking, optimised inventory control, and predictive maintenance using CCTV as well as AI-powered drones that are developed in-house.
“This technology is aimed at mimicking how our eyes work—how we interpret and understand what we see. Similar to the way we are trained to comprehend things, Computer Vision operates by providing enough data and employing robust algorithms that learn from this data. Over time, the system becomes proficient at recognising patterns and objects,” he says.
Assert AI can generate immediate real-time alerts for various deviations, including intrusion detection, fire or smoke detection, violations related to personal protective equipment (PPE), theft incidents, and irregularities in material handling. Apart from manufacturing and supply chain processes, its solutions can also be used in retail, healthcare, and traffic management.
“Our software help mimic human eye behavior giving real-time insights of safety and productivity on these cameras which is mostly hitherto used for post-event analysis,” Philips says.
Assert AI made it to YourStory’s Tech30 list for 2023 as one of the 30 most promising Indian startups of the year.
Last November, the startup raised $2 million from Prashant Purker, former managing director and chief executive of ICICI Venture and agritech startup Arya.ag.
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Leveraging the power of computer vision
The co-founders were interested in computer vision solutions from the get-go. These solutions ensure the effective and intelligent use of CCTV cameras. The feeds from the existing CCTV cameras can be analysed in real-time using Machine Learning algorithms to monitor the efficiency and productivity of resources such as trucks, employees and docks.
“Starting from 2018, we wanted to explore the concept further. Jain extensively travelled to Taiwan, Hong Kong, and China, attending numerous exhibitions.
Phillips had observed cameras equipped with built-in capabilities for facial recognition, number plate recognition, and similar functions. However, these cameras came at a high cost, reaching up to Rs 50,000, and could only perform the specific tasks they were programmed for.
He says, “In response, we made a decision to specialise in software. Our goal was to develop software capable of analysing feeds from any source, be it cameras, drones, or mobile devices. Our software was designed to serve as the cognitive centre, interpreting and making sense of visual data captured through the lens. This has been our core concept since day one, and it remains the playbook we follow today.”
Making of Assert AI
Phillips and Jain wanted to build a software solution that could be compatible with any camera available in India.
Assert AI officially launched its solutions in 2020.
The recent AI explosion has had a significant impact on the startup. “Over the past year, we have witnessed incredible growth in demand, and we anticipate this pace to increase further,” says Phillips.
According to the co-founders, Assert AI can run on millions of existing cameras inside industries. “Based on the number of cameras, use cases that we typically run, the market size is over $100 billion and we believe it would reach that in 5-7 years. Considering the geographies that we are focused on (India and the US), the addressable market is expected to be $40 billion and growing very fast,” Phillips adds.
The startup has over 65 employees with offices in Mumbai, Bengaluru, and Delhi. Among their first few clients in India were , Phoenix Mall and Arya.
Expanding geographically, Assert AI is leveraging its success in the US and UAE to further penetrate international markets.
“This year, we’re aiming for a significant expansion, targeting a tripling of our current operations. This objective translates to reaching a monthly run rate of approximately 90 lakhs to a crore by March 2024, ultimately aiming for an Annual Recurring Revenue (ARR) of about a million dollars by the end of this fiscal year,” added Job.
Assert AI provides AI-as-a-service, deploying AI software on customer premises with a monthly payment structure. The solution includes a range of use cases for quality, inventory, and HSE (Health, Safety, and Environment). Additionally, customisation is available for client-specific needs, particularly in terms of quality and standard operating procedures (SoP).
Assert AI operates on a revenue model that encompasses both initial setup and ongoing value. Its clients incur a one-time setup and customization cost. Additionally, it also offers subscription plans, billed on a monthly or annual basis.
Some of its competitors include Integration Wizards (subsidiary of Spark Cognition, USA) for Edge AI deployments at scale. Its other competitors are StaqU, Tango Eye, Wobot, EverSeen, Leela.ai, and DeepNorth.
According to Phillips, Assert AI works toward eliminating human errors from critical processes but its solutions aren’t a replacement for humans.
“We firmly believe in the fusion of human intelligence and AI, where technology augments our capabilities rather than substitutes for them. The partnership is evolving in parallel. We make industries embrace the best of both worlds: human ingenuity and AI innovation,” he says.
Edited by Affirunisa Kankudti
