Manchester-based retail technology firm, SeeChange Technologies, has successfully closed a seed extension funding round, securing an impressive £8 million. The startup specializes in the development of a cutting-edge visual AI platform named SeeWare, designed to offer intelligent and interconnected systems for retail stores. This includes features such as advanced checkout processes, preemptive stock management, and capabilities to reduce theft, all powered by artificial intelligence. The platform efficiently processes video data from existing hardware in retailers’ stores, providing a seamless integration of AI into the retail landscape.
Revolutionizing Retail with SeeWare
SeeWare, the flagship product of SeeChange Technologies, stands out as a visual AI platform that transforms traditional retail operations. By collaboratively working with partners to link in-store CCTV, checkouts, and POS systems, SeeWare has undergone successful pilot phases and commercial trials with global retail customers. Notably, the platform is fully integrated into Diebold Nixdorf’s checkouts, showcasing its adaptability and compatibility with established retail infrastructure.
Leadership and Strategic Funding
The recent funding round was spearheaded by Crane Venture Partners and Triple Point Ventures, showcasing the confidence of prominent investors in SeeChange’s potential. New investors joining the funding initiative include Runa Capital, True, Portfolio Ventures, and Material Ventures. In conjunction with the funding success, SeeChange Technologies has appointed Richard Irving as Chairman. Drawing on his 40 years of international operating and venture capital experience, Irving, based in Silicon Valley, is set to play a pivotal role in steering SeeChange towards greater levels of scale and impact.
SeeChange’s Vision for the Future
Jason Souloglou, Co-founder, and CEO of SeeChange Technologies expressed his enthusiasm about the funding round, emphasizing the unique and proven capabilities of the SeeWare platform for the global retail ecosystem. He highlighted the company’s commitment to delivering a safer and seamless experience for retailers, staff, and customers through the application of AI in real-world scenarios. The injected funds will be instrumental in expanding customer commercial deployments and reinforcing commercial and support teams, ultimately enhancing SeeChange’s influence in the retail industry.
Investor Confidence in SeeChange
Krishna Visvanathan, General Partner at Crane Venture Partners, underlined the transformative potential of SeeChange’s groundbreaking technology in reshaping the retail landscape. By providing retailers with real-time visual insights to bolster security and optimize their spaces, SeeChange is positioned to redefine possibilities in the retail industry and beyond. The investor consortium’s participation in the funding round serves as a resounding endorsement of SeeChange’s capabilities and its potential to revolutionize the retail sector through AI.
AI’s Impact on the Retail Landscape
The funding secured by SeeChange Technologies reflects the broader trend of artificial intelligence reshaping traditional industries. In the retail sector, AI holds the promise of enhancing operational efficiency, security, and customer experiences. SeeWare’s real-time visual insights and its ability to seamlessly integrate with existing retail infrastructure position it as a leader in the evolving landscape of AI-powered retail solutions.
Expansion Plans and Customer Impact
With the infusion of fresh capital, SeeChange Technologies aims to expand its customer commercial deployments. This strategic move aligns with the company’s vision to make a more substantial impact on the retail industry. The emphasis on strengthening commercial and support teams underscores SeeChange’s commitment to providing ongoing support and innovation to its growing customer base.
SeeChange Technologies’ successful funding round marks a significant milestone in the company’s journey to revolutionize the retail industry through AI. The SeeWare platform, with its advanced capabilities, has garnered the support of both existing and new investors, signaling a bright future for the company. As AI continues to play an increasingly pivotal role in various sectors, SeeChange Technologies stands at the forefront, poised to redefine retail operations and set new standards for innovation and efficiency.