It was in Delhi when I met with the other 3 founders at the co-working space. The companies on our floor had an amazing and talented group of people. When I started the conversation, they and I have found a common interest in “Artificial Intelligence”. We usually talk about AI, computer vision, and other technologies on our breaks.
Spending months like this, one person in our group planned a trip to Udaipur and we were all travel enthusiastic and peripatetic. We agreed and planned a weekend trip. While spending time we all realized that by having a common interest, we can take the entrepreneurship path. The tech-guy, now CTO & co-founder of VedaLabs, had presented an idea of making every CCTV camera smart and useful to help the retailers in improving their services to customers, improve their management operations and reduce their cost as well. After all-night discussion, a point came where it gave us a thought on the power to extract AI-powered insights with Facial Recognition or person tagging, etc. That’s when the journey started in 2018.
We came back, and then we went to a second thought of taking an entrepreneurial path. We all were going well in our field, and doing something totally different was quite challenging for us. After a month of the trip, we started our venture in India, we named it “Veda Labs”.
Veda Labs helps retail store owners to grow their in-store conversions with the help of real-time consumer insights. With the help of existing CCTV camera feeds, Veda presents an entire overview of how the consumers navigated in a retail store, presenting the hot spots, total occupancy rates, store sanitization alerts, allowing retailers to make informed business decisions that are backed by AI drive insights.
The USP of our company is the ability to show consumers’ journey throughout the store with an interactive representation as can be seen in one of the attached images. For making it best, we have added the features in which the dashboard allows a retailer to access the zone count along with customer journey to get alerts on metrics like Store Occupancy, Social Distancing & Store sanitization frequencies.
Our product is so unique that as a CMO, it is interesting for me to tell everyone about the origin of the product and the idea behind its birth. The origin of the product is to help retailers to reduce the cost, efficiently manage inventory, and help in improving customer’s experience. And the investors also find it profitable when they see retail Stores, schools, hotels, the automobile industry, hospitals, media and entertainment, FMCG and Manufacturing, and corporate offices. All the industries are the audience and can enjoy the benefits of insights. We hope the launch of Veda Labs will encourage more people to take up the entrepreneurial path and follow their passion so as to create a difference.
By Mr. Veer Mishra, Co-founder & CMO of VedaLabs