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:
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 ecosystem of global retail. 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.
“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”.
True's VC Director, Joe Seager, said:
We are delighted to support Jason and the team in their mission to bring retail into the AI era. We have seen firsthand from our global network of retail partners the opportunities AI can bring and we are confident SeeChange has the technology, people and partners to deliver.