FOSTER CITY, Calif., March 12, 2020 /PRNewswire/ -- Deep North, a pioneer in computer vision and AI- powered video analytics, has closed a $25.7 million Series A funding round, led by London-based Celeres Investments, with participation from Engage, AI List Capital, and others. This round will enable the company to digitize the next generation of brick-and-mortar retail and shopping centers on a global level.
"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," said Rohan Sanil, Co-Founder and CEO of Deep North. "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."
"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," said Azhaan Merchant of Celeres Investments.
Deep North's technology brings the specificity and actionability of digital analytics to physical locations. Its software leverages existing camera infrastructure at retail stores, shopping centers or commercial buildings to help businesses digitize and understand behavioral and foot traffic metrics in the physical world. The AI-powered platform then provides retailers with direct, real-time insights to improve customer experience and conversion. Using the power of big data and predictive analytics, Deep North helps top retailers prepare for multiple shopper scenarios and optimize each consumer interaction.
"We will continue to innovate on the technology to ensure customers have access to accurate and reliable data to successfully compete with online platforms," said Jinjun Wang, Co-Founder and CTO of Deep North.
The latest round of funding will also be used to support 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.
ABOUT DEEP NORTH
Deep North is a pioneer in Computer Vision and AI, focused on providing insights for the physical world that previously could only be captured online. Its patent-pending platform utilizes advanced and highly accurate object recognition to turn simple video feeds into powerful, actionable, and predictable analytics about the customer journey such as product interaction, traffic patterns, optimal utilization, customer service and more. Deep North solutions are designed to help retailers, shopping malls, grocers, and building managers improve real-time decision-making to enhance profitability, efficiency and safety. Headquartered in Silicon Valley, Deep North counts some of the world's largest and most innovative retailers among its clients. For more information, visit www.deepnorth.com.
ABOUT CELERES INVESTMENTS
Celeres Investments is a single family office in London and Hong Kong. Our venture capital practice invests into established operating companies that are developing data-intensive software to disrupt legacy industries. https://www.celeresinvestments.com/.
Engage is an independent venture fund and platform, established and financed by some of the most influential corporations in the world. Our mission is to strengthen collaboration and partnership between leading corporations and top entrepreneurs. The founding Limited Partner corporations contributing capital, expertise, time and resources include AT&T, Chick-fil-A, Cox Enterprises, Delta Air Lines, Georgia-Pacific, Georgia Power Foundation, Goldman Sachs, Intercontinental Exchange (ICE), Invesco Ltd., The Home Depot and UPS. https://engage.vc/.
SOURCE Deep North