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Infibeam Avenues has formalized a significant partnership with the Gujarat government, marked by the signing of a Memorandum of Understanding (MoU), to commit a proposed investment of Rs 2,000 crore in its ambitious Artificial Intelligence (AI) Hub located at GIFT City by the fiscal year 2030. This substantial investment is earmarked for the advancement of Vision AI technology, specifically tailored for payments and platforms.
The company envisions the creation of employment opportunities for more than 5,000 individuals over the next five years, encompassing both gig economy positions and full-time employment. Leveraging its internally developed Vision AI technology, designed to empower retailers through precise tracking of products, customers, and payments via image and video analysis, Infibeam Avenues aims to address contemporary challenges faced by retailers. This focus extends to areas such as streamlined inventory management, stock monitoring, and enhanced security measures.
The AI technology deployed by the company utilizes video analysis to manage inventory effectively, identifying products and compiling comprehensive lists. It also detects customer activities within video footage, aiding in the identification of potential theft incidents. Noteworthy features include a detailed heatmap that enables businesses to strategically plan product layouts and placements, optimizing spatial utilization for heightened customer engagement and facilitating improved decision-making processes.
The AI-Hub is positioned as a central hub for collaboration, fostering synergies among the government, private enterprises, technology start-ups, AI developers, and retailers. Its role is pivotal in facilitating collective efforts towards innovation and addressing industry-specific challenges in the realms of technology, commerce, and beyond.
News by Rahul Yelligetti
