In a remarkable demonstration of belief in Everseen's mission, the company has secured a substantial €65 million in a series A follow-on funding round. This uplifting news comes as Crosspoint Capital Partners, a private equity firm renowned for its dedication to cybersecurity, privacy, and infrastructure software markets, leads the charge. This investment not only reflects confidence in Everseen's capabilities as a leading provider of AI-powered computer vision and hyper-automation solutions but also highlights the humanistic impact that innovative technology can have on various industries. The funding will help Everseen scale its computer vision AI technology and expand within the retail sector.
Everseen's patented Visual AI™ platform leverages process-aware computer vision technology to address core business challenges and improve outcomes in retail. Its technology has been validated by positive customer feedback, strong business performance, and demonstrated value of sophisticated AI at scale. Everseen's AI focuses on checkout intelligence, enabling retailers to tackle the $100 billion annual retail shrink problem. With its computer vision AI platform, Everseen enables retailers to have end-to-end visibility across processes such as inventory management and supply chain.
According to Alan O’Herlihy, Everseen Founder and CEO, the company's computer vision AI platform has scaled the automation of scene-based processes, and its growing dataset allows the company to create generic process-aware technology that can be applied to a broad spectrum of business functions. Crosspoint Capital's investment in Everseen in June 2021 was based on the company's disruptive computer vision AI technology, strong customer relationships, and ethical AI approach.
Greg Clark, Managing Partner of Crosspoint Capital, believes that computer vision AI represents significant value in transforming business processes, and Everseen has emerged as a clear leader in this space, providing immediate and measurable impact on the customer P&L. Clark believes that Everseen is a refreshing example of the business value of the AI revolution.
Everseen's computer vision AI technology is trusted by over half of the world’s top 15 retailers, and the company processes and analyzes video daily and in real-time while monitoring 220 million products. With its computer vision AI platform, Everseen enables retailers to increase revenue, reduce costs and mitigate risks, while improving experiences for customers, employees, and vendors alike.
In conclusion, the €65 million funding raised by Everseen in its series A follow-on funding round led by Crosspoint Capital Partners will help the company scale its computer vision AI technology and expand its offering within the retail sector. Everseen's Visual AI™ platform addresses core business challenges in retail and provides retailers with end-to-end visibility across processes, enabling them to increase revenue, reduce costs, and mitigate risks. With its AI-powered computer vision and hyper-automation solutions, Everseen is a leader in the hyper-automation category, and its technology provides immediate and measurable impact on the customer P&L.