The company intends to use the newly raised capital to digitize the next generation of brick-and-mortar retail and shopping centers on a global level
Fremont, CA: Deep North, a pioneer in AI- powered video analytics and computer vision, based in Fostercity, California has secured $25.7 million in Series A round of financing. The investment round was led by London-based Celeres Investments, with significant participation from AI List Capital, Engage, and others.
The company intends to use the newly raised capital to digitize the next generation of brick-and-mortar retail and shopping centers on a global level.
Rohan Sanil, Co-Founder and CEO of Deep North, said, "Deep North's solution provides shopping malls, brick-and-mortar retail stores, and transportation hubs with the real-time data and analytics they need to reclaim consumer traffic from the digital world, thereby creating a better customer experience. With the support of respected global brands, we are confident that our platform is truly enabling the experiential retail that today's customers are demanding, as well as demonstrably increasing operational efficiency and driving revenue for retailers."
Azhaan Merchant of Celeres Investments, said, "Deep North's platform allows retailers to gain real time insights on data points that were previously unattainable in the physical world. By leveraging existing video footage to understand activity and behavior, operators can now make informed decisions with the help of their prescriptive analytics engine."
Deep North's technology brings the actionability and specificity of digital analytics to physical locations. Its software utilizes existing camera infrastructure at retail stores, commercial buildings, or shopping centers to help businesses digitize and understand behavioral and foot traffic metrics in the physical world. Retailers benefit from its AI-powered platform that provides them with direct, real-time insights to improve customer experience and conversion rate. Using the power of predictive analytics and big data, Deep North assists top retailers in preparing for multiple shopper scenarios and optimizing each consumer interaction.
Jinjun Wang, Co-Founder and CTO of Deep North, said, "We will continue to innovate on the technology to ensure customers have access to accurate and reliable data to successfully compete with online platforms."
The latest round of funding will help the company drive expansion of the team, focus on building the company's AI platform, give customers more data-driven insights, and explore additional verticals, beyond retail and transportation.
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