European venture capital firm Octopus Ventures and True, the retail and consumer sector specialist investor, have co-invested in ThirdEye, the AI-driven security platform for retailers.
Original Seed investor Episode 1 Ventures also participated in this round.
ThirdEye has built a machine learning platform that conducts real-time deep learning on CCTV video steam in a bid to detect theft.
The platform works by leveraging existing security cameras and in-store devices to equip members of retail staff with an AI assistant that analyses shop floor activity. The analysis can help detect theft in real-time, as well as notify staff of other shopping habits and events that require their action, helping to maximise staff resource.
ThirdEye’s patented technology can also be used to gain market insights, eliminate queues and improve store operations. However, the use-case for theft reduction presents the greatest financial returns for retailers: The BRC Retail Crime Survey estimates that UK retail lost over half a billion pounds due to customer theft during 2016-17.
ThirdEye’s ongoing positive pilot programs with the UK’s leading retailers, demonstrate how it could play a vital role in lowering these figures – ThirdEye’s Checkout Theft Detector caught an average of 27 thefts per camera per month.
The capital will be used by ThirdEye to strengthen its team and proprietary technology platform in preparation for a wider commercial roll out across Europe.
Raz Ghafoor, ThirdEye’s Founder said: “After years of hard work from the ThirdEye team and strong encouragement from our early customers, we’re excited to take on this scale-up capital to grow ThirdEye and help fulfil our vision for the AI augmented store of the future.
“We’re particularly proud that we’ve convinced Octopus Ventures and True, two of the best names in UK VC, to support us on our journey.”
Zoe Chambers, future of industry lead at Octopus Ventures, added: “Figures this year have shown investment in AI is on the rise and on track to become one of the most transformative technologies of the next decade. ThirdEye has developed technology that is already making a real difference to retailers across the country.”
Oksana Stowe, True’s growth principal commented: “As investors in fit-for-the-future retail solutions we’re excited to have invested in a machine-learning platform with the potential to save the retail industry millions of pounds. We believe traditional bricks and mortar is transitioning to being experience-led, and ThirdEye is uniquely positioned to support continued activity on the high street and play a significant role in shaping the technological make-up of stores.”