Insider Brief
- SeeChange Technologies has raised £8 million (US$10 million) in seed extension funding, led by Crane Venture Partners and Triple Point Ventures, to enhance its award-winning visual AI platform, SeeWare®, which addresses the $112 billion retail shrink and loss problem.
- The SeeWare® platform, integrated into retailers’ existing hardware, offers intelligent systems for in-store CCTV, POS, faster checkouts, stockout management, and theft reduction, enhancing safety and efficiency for employees and customers.
- In line with the funding, SeeChange appointed Richard Irving as Chairman and plans to use the funds for expanding customer deployments and strengthening their commercial and support teams, aiming to significantly impact the retail industry with their AI technology.
PRESS RELEASE — MANCHESTER, England/November 21, 2023 /PRNewswire-PRWeb/ — SeeChange Technologies, a leader in retail-focused visual AI, today announced the closing of its seed extension funding of £8M (US$10M), led by Crane Venture Partners and Triple Point Ventures. New investors Runa Capital, True, Portfolio Ventures and Material Ventures also participated.
Retailers have seen shrink and losses rise exponentially in recent years, with latest figures showing this is now a $112 billion problem, representing an increase in losses of over 18% since 2021.¹
SeeChange’s award-winning Visual AI platform, SeeWare®, provides:
- Intelligent and connected systems for stores
- Faster and better checkouts
- Preemptive stockout management
- Capabilities to decrease theft and make stores safer for employees and shoppers
The SeeWare platform processes video from retailers’ existing hardware and is easily deployed and scaled across the retail enterprise.
Working collaboratively with partners to connect in-store CCTV, checkouts and POS systems, SeeWare has been successfully piloted and commercially trialed by global retail customers, and is fully integrated into Diebold Nixdorf’s checkouts.
In connection with this funding, SeeChange announced the appointment of Richard Irving as Chairman. Based in Silicon Valley, Irving co-founded Pond Venture Partners and has 40 years’ international operating and venture capital experience in building startups to successful levels of scale and impact.
“I am pleased to welcome our new investors. Their participation is a strong endorsement of the unique and proven capabilities of our SeeWare platform for the entire global retail ecosystem. With our expertise in applying AI to the real world and our focus on collaboration, we deliver a safer, seamless experience for retailers, their staff and customers. This funding will expand customer commercial deployments and strengthen our commercial and support teams, enabling us to make a greater impact on the retail industry,” said Jason Souloglou, SeeChange co-founder and CEO.
“AI is reshaping the world as we know it and SeeChange’s groundbreaking technology is positioned to revolutionize the retail landscape,” said Krishna Visvanathan, General Partner at Crane Venture Partners. “By providing retailers with real-time visual insights to enhance security and optimize their spaces, SeeChange is poised to redefine what’s possible in the retail industry and beyond.’’
About SeeChange Technologies: SeeChange Technologies is a world leader in real-time AI-powered recognition systems, with expertise in making complex, state-of-the-art AI technology simple to deploy and scale in the real world. SeeChange was founded in 2018 as a subsidiary of Arm Holdings and became independent in 2021 with investment from Crane Venture Partners. With an initial focus on solutions for retail, SeeChange is on a mission to help humanity thrive through the power of visual AI technology. For more information, visit http://seechange.com.
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Media Contact
Olivia Martin, SeeChange, 1 4156848080, [email protected], https://seechange.com/
