Coram AI Raises $35 Million in Series B Funding
Coram AI, a company specializing in AI-driven physical security solutions, announced it has secured $35 million in Series B funding. The round was co-led by Ansa Capital and Battery Ventures, with additional participation from UP.Partners, 8VC, and Mosaic Ventures.
Founded by Ashesh Jain and Peter Ondruska, Coram AI offers a unified platform that integrates video monitoring, access control, visitor management, and emergency response. This platform aims to improve threat detection, expedite investigations, and streamline response coordination without the need for replacing existing security infrastructure.
Founders' Background
The company was founded by Ashesh Jain, who serves as CEO, and Peter Ondruska, CTO. Both founders bring significant experience from the autonomous vehicle industry. Jain previously led autonomy initiatives at Lyft’s self-driving division and held engineering roles at Zoox. Ondruska led AI research at Lyft and later transitioned to Toyota's Woven division.
Growing Demand for Integrated Security Solutions
Coram AI's approach addresses a pressing issue faced by many organizations: the challenge of managing multiple, disjointed security systems with limited personnel. By using AI to consolidate various security data streams into a single, cohesive platform, Coram AI allows for more efficient threat assessment and incident management.
Since its inception, the company has expanded its reach significantly, now serving over 1,500 sites across the United States and Canada. Its clientele includes diverse entities such as Fortune 500 companies, educational institutions, healthcare providers, and nonprofit organizations. Notable customers include 1-800-GOT-JUNK?, Hershey’s Ice Cream, World YMCA, and Lakepointe Church.
Strategic Use of Funds
The newly acquired funds are expected to be utilized for further development of Coram AI’s platform, enhancing its capabilities to better serve its growing customer base. The funding will also support the expansion of the company's market presence across different sectors and geographies.
In a statement, Ashesh Jain highlighted the importance of the funding in scaling the company's operations and improving their product offerings: "This investment will allow us to continue innovating and expanding our platform to meet the evolving needs of our clients."
Conclusion
Coram AI's Series B funding round marks a significant milestone in its mission to revolutionize the physical security landscape. With the backing of prominent investors, the company is well-positioned to enhance its AI-driven solutions and address the increasing demand for integrated security systems.