East Ventures Invests in Indonesian Video Analytics Startup Nodeflux
6 June 2018
Jakarta – Nodeflux, an Indonesian video analytics startup, on Wednesday announced securing an undisclosed amount of funding from East Ventures.
Founded in 2016 by two engineers from Bandung Institute of Technology (ITB) graduates, Meidy Fitranto and Faris Rahman, Nodeflux uses deep learning and computer vision to offer more than video viewing and recording by providing processed information on recorded footage.
In an official statement, Nodeflux said the funding will help support research and development on computer vision and deep learning.
For the past year, Nodeflux has been working closely with the government of several big cities in Indonesia such as Jakarta and Bandung to help them better understand occurrences in public areas such as transportation, trash management and flooding system in real time to help them make data-driven decisions efficiently.
Nodeflux has been working in partnership with Nvidia after the startup became the first Indonesia-based company to join the Nvidia Inception Program. It has also been working with the Indonesian National Police to help enhance the institution’s operational system.
Commenting on the deal, East Ventures managing partner Willson Cuaca said, “The Indonesian internet population is generating humongous data that requires “brain” to manage the information and extract value. Nodeflux nails this. It manages and extracts information from images and videos, as well train its machine learning to solve cross-sector local problems.”
The investment by East Ventures follows a seed funding secured by Nodeflux last year from Indonesian smart city solutions provider Qlue. That investment also entailed Nodeflux’s tech integration into Qlue’s system.
For East Ventures, the investment in Nodeflux comes only a week after it announced an undisclosed amount of seed funding for PHI-Integration, an Indonesian software company that provides data analytics and management services.
Prior to that, the early stage VC firm had injected capital in Switzerland-based cryptocurrency wallet startup BRD and also co-led a $5-million Series A round for Indonesian peer-to-peer startup Julo.