Founded in 2008 by Alan O’Herlihy, Everseen has built a computer vision AI platform that is used across 6,000 retail stores globally.
Everseen, an Irish start-up that develops computer vision and AI tech for some of the world’s largest retailers, has raised €65m in a Series A follow-on funding round.
Based in Blackpool, Cork, Everseen develops AI-powered computer vision technology for the retail sector to help with inventory management and with monitoring at self-service checkouts.
It was founded in 2008 by Alan O’Herlihy and employs around 1,000 people globally.
The round was led by Crosspoint Capital Partners, a private equity firm based in Boston that focuses on cybersecurity, privacy and infrastructure software.
“The mainstream accessibility of AI and machine learning (ML) technology has emerged as one of the biggest trends over the last year and is being valued by the market,” said Greg Clark, managing partner at Crosspoint.
“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 profit and loss.”
This is the second time Crosspoint has invested in Everseen to help it scale.
In the summer of 2021, Crosspoint invested an undisclosed amount in the Cork start-up to support the expansion of its technology after raising $1.3bn for its debut fund focused on cybersecurity, privacy and infrastructure software.
“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 O’Herlihy.
O’Herlihy noted that Everseen’s computer vision AI platform is now in use across 6,000 retail stores and connects 80,000 point-of-sale devices.
“Everseen is one of retail’s biggest producers of visual metadata as it turns unstructured video data into usable business insights,” he went on.
“Linking this to retailers’ existing data lakes forms the ‘modern data estate’, enabling them to receive query answers to previously impossible questions.”
In 2020, Everseen took the top spot in the Deloitte Technology Fast 50 awards, which ranks Ireland’s 50 fastest-growing technology companies based on revenue growth over the last four years.
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