TL;DR:
- SeeChange Technologies secures £8 million in series A funding for their visual AI platform, SeeWare®.
- Founded in 2018, SeeWare® enhances self-checkout, stock management, safety, and loss prevention in retail.
- The funding round, led by TriplePoint, includes Runa Capital, True Capital, and Crane Venture Partners.
- Richard Irving joins as Chairman, signifying confidence in SeeWare’s capabilities.
- CEO Jason Souloglou emphasizes the impact of the global retail ecosystem and team expansion.
- Krishna Visvanathan of Crane Venture Partners sees SeeChange as a game-changer in retail technology.
Main AI News:
In an exciting development for the retail tech industry, SeeChange Technologies proudly announces the successful completion of its series A funding round, raising an impressive £8 million. Founded in 2018 and subsequently spun out of Arm Holdings in 2021, SeeWare, the brainchild of SeeChange Technologies, has emerged as a formidable player in the realm of visual AI solutions. Their flagship product, SeeWare®, promises to revolutionize the retail landscape by harnessing the power of artificial intelligence.
SeeWare® is a cutting-edge visual AI platform that is set to redefine the way retailers operate. This innovative technology boasts a range of capabilities that include streamlining the self-checkout process, preemptively addressing stockouts, enhancing safety measures, and reducing losses. It achieves these feats by processing video data from existing retail hardware, making it a seamless and easily scalable solution for retail enterprises.
The latest funding round was spearheaded by TriplePoint, demonstrating the growing interest and confidence in SeeChange Technologies’ vision. Joining the ranks of new investors are prominent names like Runa Capital and True Capital, reaffirming the potential they see in SeeWare®. Crane Venture Partners, the original investor, continues to support the company’s journey to excellence.
As part of this momentous funding event, SeeChange is delighted to welcome Richard Irving as the Chairman of the board. His wealth of experience and industry insight is expected to further fuel the company’s growth and innovation.
Jason Souloglou, co-founder and CEO of SeeChange, expressed his enthusiasm for the new investors and the future of SeeWare®. He stated, “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 global retail ecosystem – 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, emphasized the transformative potential of SeeChange’s technology in the retail industry and beyond. He stated, “AI is reshaping the world as we know it, and SeeChange’s groundbreaking technology promises 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’ successful series A funding round signifies a major milestone in the journey towards reshaping the retail industry through the power of visual AI. With an infusion of £8 million in capital, the company is well-positioned to expand its commercial reach, strengthen its teams, and further innovate within the dynamic world of retail technology. The future looks promising for SeeChange and its visionary SeeWare® platform.
