Cork-based retail tech company Everseen has secured more than €65m in funding, led by US private equity firm Crosspoint Capital Partners. The funding will enable the company to further invest in its AI technology and scale the business. Everseen has its headquarters in Blackpool and employs over 1,000 people worldwide. The company’s technology is already used by some of the world’s top retailers to streamline operations and mitigate inventory shrink, which is a $100bn-a-year problem in the retail sector. Everseen’s video-camera technology monitors self-service checkouts and has helped some stores significantly reduce the number of interactions staff have with customers.
Alan O’Herlihy, the founder and CEO of Everseen, commented on the investment, stating that Crosspoint Capital has been a “fantastic partner” over the last two years and that he is excited to further their relationship. He added that Everseen’s computer vision AI platform has scaled the automation of scene-based processes with impact, in use across 6,000 major retail stores and connecting 80,000 point-of-sale devices. O’Herlihy also noted that Everseen has created generic process-aware technology that can be applied to a broad spectrum of business functions, leveraging its growing dataset.
Greg Clark, managing partner of Crosspoint Capital, called Everseen a “refreshing example” of the business value of the AI revolution and expressed his excitement to bring the power of Crosspoint to support its vision and help them scale into this significant market opportunity. Crosspoint Capital Partners focuses its investments on the cybersecurity, privacy and infrastructure software markets.
Everseen was founded in 2007 and has been at the forefront of AI technology in the retail sector. Its technology has been adopted by some of the world’s leading retailers, including Tesco, to help mitigate inventory shrink. Everseen’s technology uses machine learning to identify potential theft at self-checkout tills by monitoring the weight of items placed in bags and comparing them to the weight of the items scanned at checkout. The technology also monitors customers’ behaviour and identifies any suspicious activity.
Everseen’s technology has been a game-changer for retailers, helping them to reduce costs and improve efficiency. The company’s video-camera technology has also helped some stores significantly reduce the number of interactions staff have with customers, resulting in reduced friction and delays. The technology has been particularly useful during the COVID-19 pandemic, as it has enabled retailers to reduce the number of staff needed to operate self-checkout tills, reducing the risk of transmission.
Everseen’s success is a testament to the power of AI technology in the retail sector. As the retail industry continues to evolve, AI technology will play an increasingly important role in helping retailers to streamline operations, reduce costs and improve efficiency. With its latest funding round, Everseen is well-positioned to continue leading the way in this exciting and rapidly evolving field.