In 2007, Alan O’Herlihy, who previously worked with large SAP installations as well as retail, set out to find a way to help retailers minimize “shrinkage,” or where a store has fewer items in stock than in its recorded inventory. He settled on computer vision as the solution to the problem, and founded a company, Everseen, to commercialize the technology.
Everseen — which uses computer vision to, among other things, attempt to prevent theft at self-checkout counters — today announced that it raised €65 million (~$71.32 million) in a Series A round led by Crosspoint Capital Partners, a previous investor in the startup. The new funds bring Ireland-based Everseen’s total raised to nearly $90 million, which O’Herlihy says is being put toward scaling the startup’s business with a “targeted” roadmap.
“We’re experiencing significant demand for our technology from retailers grappling with the dual impact of declining customer spending an...
