Hyderabad: Hyderabad-based Brihaspathi Technologies, an AI surveillance and security solutions provider, on Thursday said it has raised $10 million in funding from foreign institutional investors and others.Brihaspathi will use the capital to establish a new 72,000 sq. ft. CCTV manufacturing facility in Hyderabad, which is expected to be operational by the end of the current financial year, the company said in a statement. It also plans to hire over 400 new employees.The company has been awarded a surveillance project by the Maharashtra State Road Transport Corporation (MSRTC) to implement an AI-enabled CCTV monitoring system across the state’s network, the statement added.”This is a transformative phase for Brihaspathi Technologies. The $10 million funding will accelerate our expansion plans, particularly the commissioning of our new manufacturing unit in Hyderabad, which will significantly scale up our production capabilities,” said Rajasekhar Papolu, managing director, Brihaspathi Technologies.”As we prepare for our Initial Public Offering (IPO) in the next financial year, we remain committed to developing world-class, AI-powered, made-in-India technologies that will redefine the security landscape across the nation,” Papolu added.
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