Securens has the Eye on the Prize as eSurveillance Takes Off
New Delhi: The esurveillance startup Securens, which recently raised $5 million from Mayfield India and Trifecta Capital, is building a hybrid esurveillance solution incorporating both sensor and video analytics-based systems to ensure more accuracy and reliability. The product, which is targetted at the BFSI (banking, financial services and insurance) and retail sectors will be launched in April. The company currently offers its clients, including leading privateand public-sector banks, fifthgeneration alarm systems with video verification and two-way audio systems that help alert and abort burglary attempts, without the need to physically guard ATM premises.
“Both video analytics and sensor systems have their own limitations, so videos can’t detect smoke in premises and hence, can generate false alarm. Hybrid solutions are the need of the day,” said Sunil R Udupa, managing director, Securens.
The company has designed a powerful processor which will connect with sensors as well as cameras, to do both sensor-based and video analytics-based alerts. The solution also leverages the strength of ‘edge analytics’, an upcoming area in the esurveillance industry. Essentially, it is video analytics done in the processor at the site itself rather than at a central location, thus minimising bandwidth requirements and costs at a much better speed than the central processor-based video analytics, which is bandwidth heavy and hence slow.
Securens expects to close 2016-17 with .₹ 100 crore in revenue, up from about .₹ 50 crore last year.
The Mumbai-based startup, in its fifth year of operations, is among the largest players in the business, claiming at least half of the market share in the ATM surveillance market, which is seeing rapid growth with more and more banks seeking to replace physical guards with esurveillance to reduce costs by about a fifth and increase efficiency. Securens competes with ConnectM and Zoho, among others.
Having achieved installations at over 20,000 sites, out of over 2.2 lakh ATMs in the country, the company is now scouting for new sources of revenue.