Visual AI specialist set to ‘transform global retail’ following £8m funding round
As part of our 2023 Retail Week coverage, in association with Metrocentre, we hear from SeeChange Technologies, a specialist in retail-focused visual AI, which has announced the closing of its series A funding of £8m led by TriplePoint, with participation from new investors including Runa Capital and True Capital, and original investor Crane Venture Partners.
SeeChange’s Visual AI platform, SeeWare enhances self-checkout, preempts stockouts, improves safety and reduces loss. SeeWare processes video from retailers’ existing hardware and is easily deployed and scaled across the retail enterprise.
SeeWare has been successfully piloted and commercially trialled by retail customers and partners including Diebold Nixdorf, a leading retail technology platform provider. Founded in 2018, SeeChange was spun out of Arm Holdings in 2021 having completed development of SeeWare.
In connection with this funding, SeeChange is pleased to welcome Richard Irving as Chairman. Based in Silicon Valley, Richard co-founded Pond Venture Partners and has over 30 years’ international operating experience building startups to successful levels of scale and impact.
Jason Souloglou, co-founder and CEO of SeeChange, commented: “I am pleased to welcome our new investors, joining our friends at Crane who have been with us since the beginning.
“This is a strong vote of confidence in the unique and proven capabilities of our SeeWare platform for the entire ecosystem of global retail, delivering improved profitability by enabling an enhanced and modern shopping experience. This funding will expand commercial deployment and strengthen our commercial and support teams.”
Krishna Visvanathan, General Partner at Crane Venture Partners, added: “AI is reshaping the world as we know it, and SeeChange’s groundbreaking technology promises to revolutionise the retail landscape.
“By providing retailers with real-time visual insights to enhance security and optimise their spaces, SeeChange is poised to redefine what’s possible in the retail industry and beyond.”
This article is part of Bdaily’s 2023 Retail Week, in association with Metrocentre.
By Matthew Neville – Senior Correspondent, Bdaily
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