Cork, Ireland-based Everseen has raised €65 million in a Series A funding round. The company provides AI-powered computer vision and automation services primarily to retailers, helping them keep an eye on inventory shrink, i.e. theft, and streamline overall operations. The new capital is aimed at helping the company further develop its technology offer and continue with expansion plans.
Everseen’s €65 million Series A round was provided by existing investor, private equity house Crosspoint Capital Partners.
In late 2022, the National Retail Federation reported that retailers in the U.S. were getting ripped off to the tune of $100 billion annually. Whether it’s in the warehouse, from the store shelf, or at the point of check out (I’m mainly looking at you, self-serve units), retail shrink, or that of actual units for sale and those recorded in inventory not aligning, i.e. have-been-stolen, $100 billion in losses every year is a pretty hard number to simply write off.
As we saw over the course of the live-at-the-office experiment, some businesses flourished while others floundered. And while it’s never a pleasant experience to say that the loss of some is the gain of others, in the case of Everseen, that’s exactly what’s been happening.
However, let’s frame the context here. Founded in 2007, Everseen has been assembling a technology stack that found the perfect storm to find itself at the centre of, and has been using its solutions to fight back against the losses of others.
Everseen’s computer vision technology is in use by over half of the world’s top 15 retailers, and for all the fear we’ve seen in recent months over the ethics involved in the deployment of Artificial Intelligence, Everseen is a clear example of AI for good.
“The mainstream accessibility of AI and ML technology has emerged as one of the biggest trends over the last year and is being valued by the market. We believe computer vision AI represents significant value in transforming business processes moving forward, and Everseen has emerged as a clear leader in this space, providing immediate and measurable impact on the customer profit and loss,” further illuminated Crosspoint Capital Managing Partner Greg Clark. “There is a lot of hype on the impact and productivity gains of AI, and Everseen is a refreshing example of the business value of the AI revolution.”