Building on its success and looking to expedite its growth further, Staqu, India’s leading AI implementation enabler who works in audio-video analytics and management solution on existing CCTV , has raised INR 11 Cr as part of its Pre-Series A funding round from Mount Judi Venture and SIS limited. IAN (Indian angel network) existing investor in Staqu took partial exit in the round. In addition, the operationally profitable startup executed an employee stock ownership plan (ESOP) buyback worth INR 1.5 Cr to recognize and reward its employees’ contributions to the company’s growth.
Staqu will be utilising the freshly infused funds to fulfil the current demand for its innovative AI-based audio-video analytics technology JARVIS in the international and domestic markets. The newly raised capital will also be used to bolster the brand’s presence globally, build powerful AI propositions to solve the safety, security, and analytics problems.
Commenting on the occasion, Atul Rai, Co-Founder, and CEO of Staqu said “Staqu has been committed to bringing about a revolution across industries using its proprietary AI technology JARVIS. The latest funding will allow us to cater to the rising demand and scale our business. We are thrilled to have eminent investors who understand AI’s immense potential backing us in our journey. We aim to build a safer, smarter, and more efficient society with our offerings. We look forward to achieving our goals and expanding the business.”
Mount Judi Ventures (MJV), a boutique fund house founded by successful entrepreneurs and experienced professionals, was the lead investor of this round. “We are delighted that Staqu, with its innovative solution converting dumb to smart cameras, is the fifth investment by Mount Judi India Growth Fund. We are happy that in this funding round, Staqu was able to attract a strong strategic investor. Together, we look to fuel its growth across and beyond India” said the Managing Partner of MJV and Ex-CTO of Sun Microsystems, Mr. Sherif Kottapurath. Mount Judi aims to invest in innovative Indian start-ups in early growth stage across MedTech / Healthcare, EduTech, Digital / IoT, Food, CleanTech, Trans & Logistics and offers equitable terms to both the investors and entrepreneurs.
Staqu intends to bring AI into day-to-day decision-making across industry using their ever-evolving research and engineering products JARVIS. Staqu presently works with over 100 + enterprises and 9 state governments . Some of the clientele includes Rebel food, JK Cement, We Work, Olive Co-living, Embassy, Tata projects, Tata Consumer, Borosil, Future Consumer, GMR, TFS, Agrocel, Crocs etc including governments of Uttar Pradesh, Bihar, Rajasthan, Punjab, Chhattisgarh, Haryana, Uttarakhand etc.