Embedded vision camera producer e-con Systems on Monday said it was in the final stages of raising $ 10 million in funding from Private Equity (PE) investors after recently opening a new center in Bangalore.
The Chennai-headquartered firm aims to grow its employee base by 50 per cent to 600 people by the end of 2023. “This new investment will be utilized for an aggressive expansion spree, which will include geographical expansion of the sales force as well as strengthening. and growing its R&D team, ”the company said in a statement.
The company said it was “very bullish” on the growth prospects for its embedded vision solutions and it would leverage the adoption of AI processing across the sectors. “Embedded vision is transforming every single industry from manufacturing, agriculture, logistics, transportation, sports, health care, life sciences, and so on,” it added.
Ashok Babu, Co-Founder, and President of e-con Systems India Pvt Ltd, said along with the cameras from e-con, the new facility would also offer customized solutions and complete system-level solutions to build their entire product.
“We are seeing that Indian companies are leading the embedded vision-enabled transformation with their new products and solutions. For example, the e-commerce industry has germinated many companies in India offering autonomous mobile robots, vision guidance robots, etc, which are powered by embedded vision solutions, and with our new office in Bangalore, we will be part of the India Growth Story , ”He said.