Purple Transform, an Oxford, UK-based provider of an AI data analytics platform that helps to identify and prevent incidents, raised £4.5M in funding.
The round was led by Mercia Ventures via the Midlands Engine Investment Fund II and backed by Sure Valley Ventures.
The company intends to use the funds to scale up its activities following a series of contract wins in the rail industry, deploy its technology in other sectors, and expand its operations in the West Midlands.
Led by CEO Gregory Butler, Purple Transform is an AI data analytics business that helps to identify and prevent incidents such as theft, trespass and antisocial behaviour on railway lines. The technology platform is currently installed across the rail network with over 900 cameras and sensors for applications such as detecting people or safety hazards on the lines, reducing crime, spotting vehicles at level crossings and protecting equipment at remote sites.
Its SiYtE system aggregates data from CCTV cameras, IoT sensors and other sources, then uses AI, machine learning and computer vision to analyse it and provide actionable insights. SiYtE provides an intelligent eye on every camera and alerts staff to potential risks. As it can be used with older cameras, there is no need to replace existing equipment.
FinSMEs
12/09/2024