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 TriplePoint. New investors Runa Capital and True also participated.

SeeChange’s award-winning Visual AI platform, SeeWare®, provides a connected intelligent store solution, enhancing checkouts, preempting stockouts, reducing loss and increasing safety for staff and customers. It processes video from retailers’ existing hardware and is easily deployed and scaled across the retail enterprise.

Connecting the CCTV, checkouts and POS systems through partnerships, SeeWare has been successfully piloted and commercially trialed by global retail customers and partners 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 over 30 years' international operating experience in building startups to successful levels of scale and impact.

Jason Souloglou, SeeChange co-founder and CEO said:

“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”.

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

SeeChange Raises £8M to Transform Global Retail with Visual AI

SeeChange Technologies Raises £8M in Seed Extension Funding to Transform Global Retail with Visual AI

It’s been almost a year since ChatGPT was launched – a seminal event in the elevation of the proximity and power of artificial intelligence into the public consciousness.

There’s a sense of hype around the transformative capabilities and associated risks of this area of technological innovation. At the same time, it would be dangerous and complacent to dismiss this as just another fad, the next metaverse (sorry, Zuck).

Let’s start with the opportunities that AI can unlock and why the UK economy in general, and retail specifically, could be poised to benefit disproportionately.

Recent research by Capital Economics estimates the AI “revolution” could drive faster and larger gains in overall economic productivity than historical analogues such as steam power (broadly, in the 19

 century) and the information technology boom of the last 40 years.

As Nobel laureate economist Paul Krugman observed: “Productivity is not everything but in the long run, it’s almost everything”. At the societal and individual level, productivity gains drive improvements in standards of living.

Moreover, Capital Economics’ research suggests the UK is particularly well placed to benefit from AI – in part because of the world-class higher education institutions in the country and the transmissibility of AI benefits into an economy that is services-led.

Our retail industry, meanwhile, has a track record of innovation, most obviously and recently at the vanguard of the development of the online channel. The ingredients are here for the UK retail sector to seize the AI opportunity.

AI, unusually even by the standards of technological quantum leaps, has the capacity to transform virtually all segments of the industrial value chain. Within retail, it is not hard to conceptualise how AI could be harnessed in product design, manufacturing, supply chain, merchandising, marketing and customer service.

The challenge, then, is how and where to start on this journey. Already there are thousands of emergent technology companies hitching their wagons to the AI star – the tiny island of Anguilla (population 15,000) is doing very brisk trade ($30m – £24m – estimated income in 2023, or roughly a 10% increase in GDP per capita) in licensing ‘dot AI’ domain names to companies seeking to showcase their credibility in the space.

Cutting through the hype, which undoubtedly exists, we are already seeing a number of tangible, real-life use cases for the application of AI to retail.

For example, Pactum uses AI to allow companies to autonomously negotiate terms with suppliers – typically this is applied to the long tail of supply relationships, often in goods not for resale, where intensive human-led negotiation is intrinsically inefficient.

The company is already working at scale with Walmart with impressive results in terms of successfully completed processes, discounts negotiated and payment terms extensions – at Walmart’s scale the annual bottom line benefit could breach $1bn (£804m).

Within store operations, I have been highly impressed by Quorso, an AI-powered co-pilot for store and area managers. Quorso simplifies their daily work by translating millions of data points from dozens of systems into smart actions to capture lost revenue and optimise operations – with over 90 live commercial use cases.

Benefits include directly attributable sales uplifts (up to 1.5% like for like), material time and cost savings, and a 50% to 90% reduction in the 20-30 systems managers typically have to navigate.

PetSmart, Dollar General and others have been early adopters of this tool that tackles one of the negative, unintended consequences of the information technology boom – a proliferation of data and reports that swamp regional and store-based colleagues. Every retailer with a large estate of physical stores should consider how AI can enhance its day-to-day activities to make work more rewarding for its colleagues and improve the experience for its customers.

These are just two of many examples of AI already delivering enhancements to retail. There are several more across the value chain from manufacturing to marketing. Paccurate harnesses AI to optimise transportation costs and reduce the environmental impact of product delivery. Persado uses generative AI to personalise content for consumers, enhancing brand engagement, customer loyalty and conversion metrics.

These opportunities exist today and will continue to develop as the technologies advance and capital flows into the sector. Our advice for industry leaders is simple: embrace the possibilities; bias your business towards action and beware of the risk of getting stuck in a quagmire of competing opportunities; accelerate your data strategies; and don’t let perfect be the enemy of good.

Finally, a word on the most commonly aired concern about the potential societal impact of AI – that it could presage mass unemployment as machines and algorithms outcompete human endeavour.

This is possible. We do, however, take some comfort from a recent MIT study that showed 60% of US workers are today employed in occupations that did not exist in 1940. Let’s not write off the adaptability of our species just yet.

From supplier negotiations to store operations, AI offers retailers the chance to reap big benefits, believes Matt Truman

'Innovative UK retail has all the ingredients to maximise the opportunities of AI'

Innovative UK retail has all the ingredients to maximise the opportunities of AI

We're standing at the forefront of a digital revolution, where everyday consumers are seizing unparalleled opportunities to create and innovate online, reshaping the landscape of entrepreneurship. We explored this topic in a recent blog post, looking at the opportunities for retail and consumer brands in a world where the average consumer will have creative capabilities beyond what is possible even for large numbers of specialists today.

The landscape is evolving with the development of peer-to-peer services, the democratisation of influence, and with consumer creativity being supercharged by cutting-edge technologies like generative AI. This isn't just a trend, it's an opportunity for companies to dive into a co-creative partnership with consumers, transforming them from mere buyers into creative collaborators.

Fashable is one example of how a company is harnessing the power of generative AI to supercharge content creation, allowing 

product design using technology. We chat to Orlando Ribas, Co-Founder of Fashable, a proprietary AI generated fashion technology that helps brands reduce the time spent on research, design, and content creation, while limiting the possibility of copyright infringements and allowing designers the time to focus on high-added-value tasks.

what do you see as the biggest opportunities for the use of generative AI in content creation?

They are endless. I see generative AI bringing unique superpowers in content generation in the below ways:

The reality is that today's content demands often exceed human capabilities. Generative AI steps in to fill this gap, providing scalability and efficiency in content creation. It allows us to explore uncharted territories, harness the potential of data-driven insights, and stay ahead in an increasingly competitive content landscape.

Do you see a future where brands are giving customers the ability to participate in 

product design through the use of your technology?

Absolutely, we envision a future where brands harness the power of our technology to enable customers to actively participate in product design. In fact, this future is not just a possibility; it will rapidly become a reality. In the near future, customers will have the opportunity to co-create digital products and wardrobes in collaboration with their most inspiring brands and influencers. This represents a significant shift from the traditional model of brands dictating product designs. With our technology, customers will be empowered to shape and customise their digital products to suit their unique tastes and preferences.

These digital creations won’t be limited to a single environment. Customers will be able to use their personalised digital products in various virtual worlds, gaming environments, and in real-life with the physical products. This versatility ensures that the products are not only a reflection of individuality but also functional across different contexts.

We believe that personalisation and co-creation will be success factors for future brands. Customers are increasingly seeking products that resonate with their identities and aspirations. Brands that embrace this trend and offer opportunities for co-creation will establish deeper connections with their customer base, resulting in better brand engagement.

In essence, the future we see, and are working on, is one where customers are not just passive consumers but active collaborators in the design process. This shift from a one-size-fits-all approach to a personalised, co-created model will represent a significant transformation in the relationship between brands and their customers. It’s an exciting evolution that not only enhances customer satisfaction but also drives innovation in product design and development.

3.     Have any of your clients used your product to allow customers to have power over the design?

At this stage, our clients have not yet employed our technology to give customers that option, but we are developing a new tool to facilitate such co-creation capabilities. This transition will occur gradually, as it requires the preparation of the entire supply chain to fully embrace the new co-creation process. We believe this evolution will begin with influencers and subsequently extend to all customers.

4.     We’d love to hear how you are currently working with retail and consumer brands. Any great case studies come to mind?

One notable collaboration has been with Wrong Weather, for their luxury segment. We assisted in the launch of their innovative 

, where they sell products on-demand only. Additionally, we are actively engaged with various other brands in diverse use-cases, which we anticipate sharing publicly in the near future. Besides co-creation, these collaborations include:

These are just a few examples of how generative AI can have endless applications across various segments. Soon we hope to share more exciting developments as we continue to collaborate with brands to push the generative AI boundaries.

In wrapping up our discussion with Orlando, it's evident that we're on the cusp of a transformative era in retail and consumer brand engagement. The growth of generative AI is not just a trend but a gateway to unimaginable creative possibilities. The implications of this shift are vast and varied, from exploring new business models to venturing into uncharted product categories. As brands begin to embrace this technology, the line between producer and consumer blurs, ushering in an era of personalised, co-created products that resonate deeply with individual preferences and identities, revolutionising how products are conceived, designed, and marketed.

To be a part of this exciting journey, we encourage retailers and brands to think about how they can embrace this shift and explore new technology that can help in reshaping their approach to product development and customer engagement. If you’re interested in exploring how you can use this as an opportunity to redefine your relationship with consumers and lead the way in this new creative frontier, get in touch with us 

We chat to Orlando Ribas, Co-Founder of Fashable, a proprietary AI generated fashion technology that helps brands reduce the time spent on research, design, and content creation, while limiting the possibility of copyright infringements and allowing designers the time to focus on high-added-value tasks.

Hello, we’re True. We’re reimagining business through innovation and investment.

A unique model for investing, innovating & growing

Meet the changemakers

A portfolio that excites us. Every day.

True stories

News

SeeChange Technologies Raises £8M in Seed Extension Funding to Transform Global Retail with Visual AI

Opinion

Innovative UK retail has all the ingredients to maximise the opportunities of AI

Opinion

In Conversation: Orlando Ribas - Embracing Generative AI for Co-Creation and Innovation