Cork’s Everseen secures investment to expand ‘visual AI’ tech

28 Jun 2021

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The retail-focused AI company has raised an undisclosed amount to fund its next stage of growth.

Cork-based company Everseen, which develops computer vision and AI tech for some of the world’s largest retailers, has secured an investment from Crosspoint Capital Partners.

Terms of the deal were not disclosed, but Everseen said that the funds would help support its next stage of growth and the expansion of its visual AI technology.

US private equity firm Crosspoint recently raised $1.3bn for its debut fund focused on cybersecurity, privacy and infrastructure software.

“Crosspoint brings a wealth of experience and success in infrastructure AI that we expect will open huge possibilities for Everseen,” said Alan O’Herlihy, founder and CEO of the Cork tech company.

“Most importantly, Everseen and Crosspoint share a commitment to responsible and ethical AI and our relentless drive to push the boundaries of innovation.”

Everseen develops AI-powered computer vision technology for the retail sector to help with inventory management and with monitoring at self-service checkouts.

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Greg Clark, managing partner at Crosspoint, said this technology is “exactly the type of infrastructure that will expect will soon be everywhere”.

“Market and industry analysts are emphasising the emerging space of hyperautomation, which uses AI technology to optimise performance and automate processes in real time,” he added.

Everseen was founded in Blackpool, Co Cork, in 2008 and has raised more than €35m since then.

The company took the top spot in last year’s Deloitte Technology Fast 50 awards, which rank Ireland’s 50 fastest-growing technology companies based on revenue growth over the last four years.

It has secured contracts to roll out its technology with major retailers including US grocery giant Kroger.

But the company is also taking legal action against one of its most high-profile customers. Earlier this year, it emerged that Everseen is suing Walmart in the US, alleging that the retailer stole its technology to build a competing product.

Sarah Harford is sub-editor of Silicon Republic

editorial@siliconrepublic.com