Infibeam Avenues has signed a memorandum of understanding (MoU) with Gujarat government for a proposed investment of Rs 2,000 crore in its Artificial Intelligence (AI) Hub at GIFT City by FY2030. The investments are for developing vision AI-technology for payments and platforms.

The company anticipates creating employment opportunities for over 5,000 individuals through both the gig economy and full-time employment in the next five years.  Through its in-house developed Vision AI technology, a tool designed to assist retailers by tracking products, customers, and payments through image and video analysis, the company will address the evolving challenges faced by retailers, particularly in the areas of stocking and inventory management and security.

The platform does the inventory management using the AI video technology by finding the products and listing it, detects customers’ activities within the video footage, helping identify potential theft incidents. Another feature is its comprehensive heatmap, which allows businesses to strategically plan product layouts and placements, thus optimising the utilisation of space to enhance customer engagement. It also enhances decision-making.

The AI-Hub is set to play a pivotal role in fostering collaboration among the government, private enterprises, tech start-ups, AI technology developers and retailers.