Infibeam Avenues Ltd signs ₹2,000-cr MoU with Gujarat govt

Source: The Hindu Businessline

Infibeam Avenues Ltd has signed a Memorandum of Understanding (MoU) with Gujarat government for a proposed investment of ₹2,000 crore in its Artificial Intelligence (AI) Hub at GIFT City by financial year 2030. The investments are meant for developing cutting-edge vision AI-technology for payments and platforms, specifically tailored for retailers, stated the company in an official release here.

Vishal Mehta, Chairman and Managing Director of Infibeam Avenues Ltd, said: “With this MoU, we aim to fortify our partnership with the Gujarat government, opening up avenues for growth for retailers across the country. The incorporation of AI technology will not only elevate the competitiveness of retailers, but also position Gujarat as a leading AI Hub for innovative solutions in the rapidly expanding Indian retail sector.” Recently, Infibeam Avenues Ltd had officially named its AI-Hub located at GIFT city, Gandhinagar, as Phronetic.ai. This hub is set to play a pivotal role in fostering collaboration among the government, private enterprises, tech enterprises, tech start-ups, AI technology developers and retailers, the company stated

Infibeam aims at transforming retailers through its in-house developed Vision AI technology, a tool designed to significantly assist retailers by tracking products, customers, and payments through image and video analysis. The focus is on addressing the evolving challenges faced by retailers, particularly in the areas of stocking and inventory management, security, and pilferage. The company is actively engaged in the development of its first AI solutions tailored for retailers, with the flagship product named ‘Theia’, a user-friendly video intelligence platform.

Theia does the inventory management using the AI video technology by finding the products and listing it. It also works as a third eye by detecting and analysing customers’ activities within the video footage, helping identify potential theft incidents, thus enhancing security. The third feature provides a comprehensive heatmap, highlighting the areas of high customer interaction zone within the CCTV video footage, allowing businesses to strategically plan its product layouts and placements based on the heatmap, thus optimising the utilisation of space to enhance customer engagement. Theia also allows exploring video using chat, demand detailed explanation of the video footage and provide video search within the database for enhancing decision-making.

The company anticipates creating employment opportunities for over 5,000 individuals through both the gig economy and full-time employment in the next five years, the release added.