Manchester-based SeeChange Technologies, an AI platform for the world’s retail ecosystem, has secured £8M (approximately €9.14M) in a Series A round of funding.
The investment was led by TriplePoint, with participation from new investors including Runa Capital and True Capital. Original investor Crane Venture Partners also invested in this round.
Krishna Visvanathan, General Partner at Crane Venture Partners says, “AI is reshaping the world as we know it, and SeeChange’s groundbreaking technology promises to revolutionise the retail landscape.”
“By providing retailers with real-time visual insights to enhance security and optimise their spaces, SeeChange is poised to redefine what’s possible in the retail industry and beyond,” adds Visvanathan.
Empowering retailers with the ‘SeeWare’
Founded in 2018, SeeChange Technologies specialises in real-time AI-powered recognition systems.
The company developed a visual AI platform SeeWare and became independent in 2021 after being spun out of Arm Holdings with investment from Crane Venture Partners.
SeeChange simplifies the deployment and scalability of advanced AI technology. Initially focused on retail solutions, the company aims to contribute to humanity’s well-being through the transformative potential of visual AI technology.
According to SeeChange, SeeWare is designed to enhance various aspects of the retail experience. It improves self-checkout processes, anticipates and prevents stockouts, enhances safety, and reduces losses.
SeeWare utilises existing hardware, processing video data efficiently, and is easily deployable and scalable across the entire retail enterprise.
The platform has undergone successful pilots and commercial trials with prominent retail customers and partners, such as Diebold Nixdorf, a leading provider of retail technology platforms.
The funding will accelerate SeeChange’s commercial deployments, advancing its vision for a smarter and safer retail future.
Jason Souloglou, co-founder and CEO of SeeChange says, “I am pleased to welcome our new investors, joining our friends at Crane who have been with us since the beginning.”
“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.”
“This funding will expand commercial deployment and strengthen our commercial and support teams,” adds Souloglou.
Besides the funding, SeeChange also announced Richard Irving as Chairman. Irving, based in Silicon Valley, co-founded Pond Venture Partners and brings over 30 years of international operating experience. His appointment will enhance SeeChange’s leadership and growth trajectory.