SeeChange Technologies Secures £8M Series A Funding to Propel SeeWare® Visual AI Platform in Retail Revolution
November 21, 2023
SeeChange Technologies, a visual AI company founded in 2018 and spun out of Arm Holdings in 2021, has successfully closed its series A funding round, securing an impressive £8M (US$10M). The funding, led by Triple Point Ventures, saw participation from notable investors such as Runa Capital and True Capital, alongside the original investor Crane Venture Partners. This substantial investment signifies a strong vote of confidence in SeeChange's innovative visual AI platform, SeeWare®, designed to revolutionise the global retail ecosystem.
SeeWare®, developed by SeeChange, is a cutting-edge visual AI platform that offers multifaceted benefits to the retail industry. By leveraging existing hardware, SeeWare processes video data efficiently, enhancing self-checkout processes, predicting and preventing stockouts, improving safety measures, and minimising losses. The platform's success is underscored by its seamless deployment and scalability across the entire retail enterprise.
Jason Souloglou, co-founder and CEO of SeeChange, expressed his pleasure in welcoming new investors, emphasising the significance of the funding in supporting the SeeWare platform's global retail impact. Souloglou stated, "This is a strong vote of confidence in the unique and proven capabilities of our SeeWare platform for the entire ecosystem of global retail – delivering improved profitability by enabling an enhanced and modern shopping experience."
The Series A funding is expected to fuel the expansion of commercial deployment for SeeWare, bolstering its presence and effectiveness in the retail landscape. Additionally, the funds will be instrumental in strengthening SeeChange's commercial and support teams, ensuring a robust foundation for sustained growth.
In a noteworthy development, Richard Irving joins SeeChange as Chairman, bringing over 30 years of international operating experience. Based in Silicon Valley, Irving co-founded Pond Venture Partners, contributing valuable insights and leadership to SeeChange's strategic vision and trajectory.
Krishna Visvanathan, General Partner at Crane Venture Partners, highlighted the transformative potential of SeeChange's technology in reshaping the retail industry. Visvanathan noted, "AI is reshaping the world as we know it, and SeeChange's groundbreaking technology promises to revolutionise the retail landscape." By providing real-time visual insights for security enhancement and space optimisation, SeeWare positions itself as a trailblazer in redefining possibilities within the retail sector and beyond.
SeeChange Technologies, headquartered in Manchester, has achieved significant milestones since its inception in 2018. Specialising in real-time AI-powered recognition systems, the company's SeeWare platform has undergone successful pilots and commercial trials with leading retail customers and partners, including Diebold Nixdorf, a prominent retail technology platform provider.
The platform's capabilities extend beyond conventional retail challenges. SeeWare's advanced computer vision not only improves checkout efficiency and enhances safety but also addresses broader issues such as minimising product losses, preventing accidents, and optimising the placement of perishable goods to reduce food waste.
With the global retail industry constantly evolving, SeeChange Technologies is poised to play a pivotal role in shaping a smarter and safer retail future. The Series A funding marks a significant milestone in SeeChange's journey, propelling the company toward broader commercial deployment and reaffirming its commitment to delivering unparalleled value in the visual AI landscape.