Home » SeeChange Technologies raises £8 million in seed extension funding to transform global retail with visual AI

SeeChange Technologies raises £8 million in seed extension funding to transform global retail with visual AI

by Tech Reporter
21st Nov 23 1:22 pm

Funding infusion accelerates commercial deployments and SeeChange’s vision for a smarter, safer retail future

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.

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.”

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