Quantela Inc., a smart city-focussed firm, has bought a minority stake in cognitive multimedia analytics firm Graymatics.
California-based Quantela said in a statement the investment in Singapore- and India-based Graymatics, which also maintains a presence in the US, will provide it with a significant strategic and go-to-market alignment.
It will also help Quantela in building out comprehensive capabilities in video analytics for its target markets, which include smart cities, education campuses, public spaces, and commercial establishments.
Quantela didn’t disclose any financial details of the transaction.
Graymatics operates an artificial intelligence-based platform that transforms installed closed-circuit television camera video feeds into actionable customer-centric solutions for different industries.
Quantela CEO Amr Salem said the investment in Graymatics will give the company a “competitive edge” to tap into opportunities to enhance public safety by tracking suspicious behaviour and abandoned objects; improve traffic flow and crowd management.
Graymatics president and CEO Abhijit Shanbhag said the move will also help the two firms create synergies between their offerings and create “industry-leading solutions” for smart cities and other sectors.
Graymatics operates in segments such as surveillance, telecommunications, media and advertising, and retail. It provides solutions to smart city projects in India, as well as various smart infrastructure points in Asian markets such as Singapore, Indonesia and China.
Quantela also maintains a presence in India. In March last year, the firm partnered with the Ministry of Housing and Urban Affairs to set up the India Urban Observatory. This entity leverages data analytics for optimising city operations, improving governance, and enhancing the economic performance of cities across the country.
The company is backed by Digital Alpha, a US-based investment firm that focusses on digital infrastructure and services. In 2018, it invested $10 million in Quantela.