Investment will help Everseen expand and scale within its existing core retail vertical, following significant customer adoption
CORK, Ireland–(BUSINESS WIRE)–Everseen, a leading provider of AI-powered computer vision and hyper automation solutions, announced today that it has raised a €65 million Series A follow-on funding round led by Crosspoint Capital Partners (“Crosspoint”), a private equity firm focused on the cybersecurity, privacy and infrastructure software markets. The funding will be used to continue investment into Everseen’s computer vision AI technology and help the company scale.
Crosspoint made its original investment in Everseen in June 2021 based on the company’s disruptive computer vision AI technology, strong customer relationships and its approach to ethical AI. Everseen continues its leadership in the hyper automation category, and its technology has been further validated by positive customer testimonials from large global retail chains, strong business performance and the demonstrated value of sophisticated artificial intelligence at scale.
Everseen’s technology brings patented AI-powered process-aware computer vision to core business challenges to improve business outcomes. The company uses its Visual AI™ platform to empower the retail sector with end-to-end visibility across processes such as checkout, inventory management and supply chain. Everseen has demonstrated the power of its AI in addressing the retail industry’s $100 billion a year inventory shrink problem1 by focusing on checkout intelligence and driving measurable ROI to its customers.
“Crosspoint Capital has been a fantastic partner for the last two years, and we are excited to further our relationship as the Crosspoint team brings immense value in terms of operational excellence and sector expertise that will help us mature our business operations and deliver on our technology roadmap,” said Alan O’Herlihy, Everseen Founder and CEO. “Everseen’s computer vision AI platform has scaled the automation of scene-based processes with impact – in use across 6,000 major retail stores and connecting 80,000 point-of-sale devices. We have created generic process-aware technology that can be applied to a broad spectrum of business functions, leveraging our growing dataset.”
“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 P&L,” said Greg Clark, Managing Partner of Crosspoint Capital. “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. We are excited to bring the power of Crosspoint to support its vision and help them scale into this significant market opportunity.”
Alan O’Herlihy continued: “Everseen is one of retail’s biggest producers of visual metadata as it turns unstructured video data into usable business insights. Linking this to retailers’ existing data lakes forms the ‘modern data estate’, enabling them to receive query answers to previously impossible questions.”
Everseen’s computer vision AI technology is trusted by over half of the world’s top 15 retailers to mitigate and reduce shrink, streamline operations, and help deliver a better customer experience. From store to warehouse, and checkout to shelf, the company tackles the $100 billion global annual retail shrink problem2 by processing and analyzing video daily and in real-time, while monitoring 220 million products. Pinpointing processes that need immediate attention and instructing on the next best action to take enables businesses to see and solve any retail challenge. This allows retailers to reinvent business processes that increase revenue, reduce cost and mitigate risk, while improving experiences for customers, employees and vendors alike. For more information visit: www.everseen.com.
About Crosspoint Capital Partners
Crosspoint Capital Partners is a private equity investment firm focused on the cybersecurity, privacy, and infrastructure software markets. Crosspoint Capital has assembled a group of highly successful operators, investors, and sector experts to partner with foundational technology companies and drive differentiated returns. Crosspoint Capital has offices in Menlo Park, CA and Boston, MA. For more information visit: www.crosspointcapital.com.
1 National Retail Federation (NRF): Retailers battle nearly $100 billion in shrink; September 28, 2022 https://nrf.com/blog/retailers-battle-nearly-100-billion-shrink [nrf.com]
2 National Retail Federation (NRF): Retailers battle nearly $100 billion in shrink; September 28, 2022 https://nrf.com/blog/retailers-battle-nearly-100-billion-shrink [nrf.com]
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