UK tech startup, is an AI-driven security platform for retailers. The platform recently received a co-investment from European venture capital firm Octopus Ventures and True, the retail and consumer sector specialist investor, worth over 拢2m.
ThirdEye has developed a machine learning platform, able to conduct real-time deep learning on CCTV video steam in a bid to detect theft.
Leveraging existing security cameras and in-store devices, the platform is able to offer AI assistance to analyse shop floor activity. This analysis can then help detect theft in real-time, but is also able to notify staff of other shopping habits and events that require their action, helping to use staff resource efficiently.
ThirdEye鈥檚 patented technology offers many ways improve store function, but it鈥檚 use as a theft detection tool presents the greatest financial returns for retailers. 聽Between 2016-17, the estimates that UK retail lost over half a billion pounds due to customer theft.
ThirdEye鈥檚 has demonstrated how it could lower these figures with its ongoing pilot programs with the UK鈥檚 leading retailers. ThirdEye鈥檚 Checkout Theft Detector caught an average of 27 thefts per camera per month.
ThirdEye will use this new capital to strengthen its team and proprietary technology platform, preparing for wider commercial use across Europe.
Raz Ghafoor, ThirdEye鈥檚 Founder said: 鈥淎fter years of hard work from the ThirdEye team and strong encouragement from our early customers, we鈥檙e excited to take on this scale-up capital to grow ThirdEye and help fulfil our vision for the AI augmented store of the future.
True鈥檚 growth principal, Oksana Stowe, commented: 鈥淎s investors in fit-for-the-future retail solutions we鈥檙e excited to have invested in a machine-learning platform with the potential to save the retail industry millions of pounds. We believe traditional bricks and mortar is transitioning to being experience-led, and ThirdEye is uniquely positioned to support continued activity on the high street and play a significant role in shaping the technological make-up of stores.鈥�
