Deep North Raises $16.7M Series A-1 to Scale and Expand its AI Computer Vision Software with Celesta Capital and Yobi Partners as Co-Lead Investors
Video Intelligence SaaS Platform Helps Businesses Understand their Data to Optimize Merchandising Placement and Create Labor Efficiencies.
REDWOOD CITY, Calif., Oct. 21, 2021 /PRNewswire-PRWeb/ -- Deep North, the AI company transforming video assets into robust, custom-tailored analytics, today announced that it has raised $16.7M in Series A-1 funding co-led by Celesta Capital and Yobi Partners, with participation from Conviction Investment Partners (UK). With this funding, Deep North plans to make key hires and expand services at scale.
Brick and mortar businesses have experienced a drop in foot traffic for years; an issue that was drastically exacerbated by the COVID-19 pandemic. Companies that have attempted to embrace digital transformation have often employed one-dimensional AI solutions that are too broad. Enter Deep North: a SaaS company offering AI products capable of reading any video data from any existing or new brand of security cameras. With Deep North's AI platform, customers can retrofit existing security systems with cutting-edge analytics features, for the purpose of tracking consumer behavior, purchasing habits and more, eliminating the need to install new video hardware.
"AI video analytics software empowers business owners with comprehensive data about their customers' behavior and, with that information, the cost savings and growth opportunities for brick and mortar businesses are remarkable," said Nicholas Brathwaite, Founding Managing Partner at Celesta Capital. "This is how brick and mortar businesses will compete with an increasingly digital consumer marketplace."
Using Deep North, retailers can convert shoppers, optimize employee time and improve the in-store experience. Insights from the platform can equip business owners with actionable insights that allow them to:
- Understand and predict store conversion by using real-time shopper tracking and correlating it to time of day, retail location, marketing events, and weather.
- Leverage customer traffic patterns for optimal placement of store associates during the day to influence sales.
- Obtain a deep understanding of in-store behavior — high traffic and high dwell time departments, wait and service times.
- Save on payroll costs by automating processes and optimizing services for peak hours.
"Even before a global pandemic forced retailers to close their doors, brick and mortar businesses were struggling to compete with a rapidly growing online consumer base," said Rohan Sanil, CEO and co-founder of Deep North. "As stores open again, retailers must embrace creative digital solutions with data driven, outcome-based CV and AI solutions, to better compete with online retailers and, at the same time, accommodate COVID-safe practices."
Deep North's range of COVID-specific features can speed reopening of the retail economy, enabling businesses to observe safety measures with confidence, in a way that will bring comfort to customers. With Deep North's mask detection capability, retailers can easily monitor large crowds and receive real-time alerts. The platform also is designed to work with a tablet app that displays data outside stores so customers can see current in-store occupancy and estimated wait times to decide when it is safest to enter. In addition, Deep North's Sanitation Management solution analyzes schedules and coverage of sanitization measures as well as the total time taken for each cleaning activity.
"We are convinced that the physical world will be digitized in the next decade to provide the same actionable insights as we see in the online world," said Toni Nijm, founder and CEO of Yobi Partners. "We have been early supporters of Deep North and are great believers in the amazing value the platform creates. We are therefore thrilled to join forces with Celesta and Conviction to help Deep North on its growth journey."
Deep North's tools benefit a range of sectors including grocery, fashion, big box, QSR and shopping malls. Customers include top Fortune 100 companies in big box retail, grocery, shopping center, and QSR, as well as warehouses, airports and other markets.
About Deep North
Deep North helps businesses achieve better outcomes through its analytics and AI platform for the physical world. Its end-to-end software solution combines artificial intelligence with computer vision to help retailers and businesses digitize and analyze behavioral metrics in the physical world and gives them tools to act upon these insights. Learn more at deepnorth.com.
About Celesta Capital
Celesta Capital is a leading venture capital firm that invests in exceptional entrepreneurs and disruptive technologies that will help shape the future. The management team and investment professionals bring their investment and operational experience to their portfolio companies along with a deep and unmatched network of value-added strategic relationships. Learn more at Celesta.vc.
Media Contact
Julia Van Broek, Deep North, +1 5106120875, [email protected]
SOURCE Deep North
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