UK tech startup, ThirdEye 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 £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’s patented technology offers many ways improve store function, but it’s use as a theft detection tool presents the greatest financial returns for retailers. Between 2016-17, the BRC Retail Crime Survey estimates that UK retail lost over half a billion pounds due to customer theft.
ThirdEye’s has demonstrated how it could lower these figures with its ongoing pilot programs with the UK’s leading retailers. ThirdEye’s 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’s Founder said: “After years of hard work from the ThirdEye team and strong encouragement from our early customers, we’re 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’s growth principal, Oksana Stowe, commented: “As investors in fit-for-the-future retail solutions we’re 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.”