VC Fund Investments
Video-based security tech co Staqu raises Rs.11-Cr from Mount Judi, SIS; IAN part exits
BSE Disclosure, Express Computer
Delhi-based Staqu Technologies Pvt Ltd - which offers a video-based security management platform - has raised INR 11 crore as part of its pre-Series A funding round from Mount Judi Venture and publicly listed security services company SIS Ltd. IAN (Indian Angel Network), an existing investor in Staqu, took a partial exit via the round. In addition, the operationally profitable startup executed an employee stock ownership plan (ESOP) buyback worth INR 1.5 crore. SIS will invest INR 1.5 crore for acquisition of 2.36% shareholding (2,393 shares) on a fully diluted basis in a combination of primary and secondary transactions in equity and compulsorily convertible preference shares (CCPS). Certain senior managers of SIS and its subsidiaries will be co-investing INR 80 lakh on similar terms for acquisition of 0.13% shareholding on a fully diluted basis. SIS had purchased a 7.65% stake in Staqu earlier in the month. Staqu's product called JARVIS (Joint AI Research for Video Instances & Streams) is an AI tool used in video analytics and video management solutions. Staqu will use the primary infusion to fulfil the demand for JARVIS in the international and domestic markets. It had reported revenues of INR 3.2 Cr for FY21, INR 14.3 Cr for FY20 and INR 2.8 Cr for FY19.
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