TL;DR:
- SeeChange Technologies secures £8 million in seed extension funding led by Crane Venture Partners and Triple Point Ventures.
- New investors, including Runa Capital, True, Portfolio Ventures, and Material Ventures, also participate.
- The retail industry faces a significant problem with shrinkage and losses, amounting to $112 billion, up 18% since 2021.
- SeeChange’s Visual AI platform, SeeWare®, offers intelligent store systems, efficient checkouts, stockout management, and anti-theft solutions.
- SeeWare integrates seamlessly with existing retail hardware and is successfully piloted by global retailers, including integration into Diebold Nixdorf’s checkouts.
- Richard Irving was appointed as Chairman, bringing 40 years of international venture capital experience.
- SeeChange aims to make a substantial impact on the retail industry by enhancing security and optimizing store spaces through AI-driven insights.
Main AI News:
In a significant development for the retail industry, SeeChange Technologies has successfully secured £8 million (US$10 million) in seed extension funding, marking a pivotal moment in the company’s journey. This funding round was spearheaded by Crane Venture Partners and Triple Point Ventures, two prominent players in the venture capital landscape. Additionally, notable new investors, including Runa Capital, True, Portfolio Ventures, and Material Ventures, joined in, further highlighting the industry’s enthusiasm for SeeChange’s vision.
In recent years, retailers have grappled with the ever-growing problem of shrink and losses, which have surged to a staggering $112 billion, reflecting an alarming 18% increase since 2021. SeeChange Technologies, with its award-winning Visual AI platform known as SeeWare®, is determined to be the catalyst for change.
SeeWare® offers a comprehensive suite of solutions tailored to the needs of the retail sector, including intelligent and interconnected systems for stores, streamlined and efficient checkout processes, preemptive stockout management, and robust anti-theft measures aimed at creating safer environments for both employees and shoppers.
One of the key strengths of the SeeWare platform is its ability to seamlessly integrate with retailers’ existing hardware infrastructure, making deployment across the retail enterprise a smooth and efficient process. Through collaborative efforts with partners, SeeWare has undergone successful pilot programs and commercial trials with global retail giants, solidifying its position in the market. Notably, SeeWare is fully integrated into Diebold Nixdorf’s checkout systems, further underscoring its industry relevance.
As part of this funding announcement, SeeChange is pleased to introduce Richard Irving as Chairman. With a distinguished career spanning over four decades, including co-founding Pond Venture Partners, Irving brings a wealth of international operating and venture capital experience to the table. His appointment represents a significant milestone in SeeChange’s journey toward scaling and impacting the retail industry.
Jason Souloglou, Co-founder and CEO of SeeChange Technologies, expressed his excitement about the new investors joining the company. “Their participation is a strong endorsement of the unique and proven capabilities of our SeeWare platform for the entire global retail ecosystem,” he stated. “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.”
Krishna Visvanathan, General Partner at Crane Venture Partners, also shared his perspective on SeeChange’s transformative potential: “AI is reshaping the world as we know it, and SeeChange’s groundbreaking technology is positioned to revolutionize the retail landscape. 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.“
Conclusion:
SeeChange Technologies has taken a significant step forward in its mission to reshape the retail landscape through the power of Visual AI. With the support of strategic investors and an innovative platform in SeeWare, the company is well-positioned to address the pressing challenges faced by retailers and create a safer, more efficient shopping experience for all. Stay tuned for more updates on SeeChange’s journey as it continues to make waves in the retail industry.
