SeeChange Technologies, based in Manchester and specializing in AI for global retail, has raised £8M (around €9.14M) in its Series A funding.
Leading the investment was TriplePoint, alongside new backers such as Runa Capital and True Capital. Crane Venture Partners, an initial investor, also contributed to this round.
“AI is transforming our world, and SeeChange Technologies innovative technology is set to change the retail sector,” says Krishna Visvanathan of Crane Venture Partners.
Visvanathan further notes, “SeeChange is on track to reshape retail, offering stores real-time visual insights to improve security and space efficiency.”
Enhancing Retail Operations with ‘SeeWare’ Technology
Established in 2018, SeeChange Technologies excels in real-time AI-driven recognition systems.
SeeChange, which became an independent entity in 2021 following its spin-off from Arm Holdings, supported by Crane Venture Partners, developed the visual AI platform SeeWare. The company focuses on making advanced AI technology deployment and scalability more straightforward. Initially targeting the retail sector, SeeChange aspires to leverage visual AI for broader human welfare.
The startup outlines that SeeWare is tailored to improve multiple retail aspects. It streamlines self-checkout, predicts and prevents inventory shortages, bolsters safety, and curtails losses.
SeeWare operates on existing hardware, processes video data with high efficiency, and can be implemented and scaled easily throughout retail operations.
The platform has been successfully trialed and commercially tested with notable retail clients and collaborators, including Diebold Nixdorf, a major retail technology solutions provider.
This investment will boost SeeChange’s roll-out of commercial projects, furthering its aim for a more intelligent and secure retail environment.
Jason Souloglou, co-founder and CEO of SeeChange, expressed his gratitude for the new investors and continued support from Crane, a long-standing partner. “This investment is a testament to our SeeWare platform’s distinct and verified effectiveness in the global retail sector, facilitating better profits by offering an upgraded and contemporary shopping experience,” said Souloglou.
He also mentioned that the funds will be used for broader commercial deployments and to bolster their commercial and support teams.
In addition to the funding, the firm welcomed Richard Irving as its new Chairman. Irving, a Silicon Valley resident and co-founder of Pond Venture Partners, brings over three decades of international operational experience. His joining is expected to significantly boost the companies leadership and its growth path.