ThirdEye: This UK-based AI tech startup aims to detect store thefts in real-time

ThirdEye: This UK-based AI tech startup aims to detect store thefts in real-time

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As per The BRC Retail Crime Survey, during 2016-17, there have been over half a billion pounds of loss in the UK due to customer theft. This is where the intelligent computer vision software built of ThirdEye comes to play. The startup claims to help retailers and staffs prevent up to £56 billion (nearly €65 billion) theft along with other benefits such as better understanding of customer behaviour, eliminating queues and limited stock-outs. The UK-based startup aims to make that possible with the help of artificial intelligence (AI).

Raises over €2.3M funding

In a recent development, the UK-based retail security platform has raised over €2.3 million Series C funding led by European venture capital firm Octopus Ventures along with participation from True and existing seed investor Episode 1 Ventures.

Founded in 2016 by Raz Ghafoor and Peter Rennert, ThirdEye will use this investment to strengthen its team as well as the proprietary technology platform for a wider commercial roll out all over Europe.

Raz Ghafoor, ThirdEye’s Founder says: “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. We’re particularly proud that we’ve convinced Octopus Ventures and True, two of the best names in UK VC to support us on our journey.”

Why choose ThirdEye?

ThirdEye touts to offer a popular, versatile and easy to set up software in the market. It will offer real-time insight providing visual access and actionable data that will help users taken instant decisions at the right moment. Furthermore, it uses the existing CCTV so that there is no need to buy specialist camera equipment installed all over the store. It has provided a single product addressing a huge range of issues.

How does it work?

ThirdEye offers the world’s most advanced custom artificial intelligence tools that will meet the specific business requirements. This tool will help in understanding your stores and optimising operations, marketing as well as security in powerful and new ways. The data that has been collected will be anonymised and processed and will be available in two solutions – in-store and back-office.

Monitors every inch of the store

ThirdEye’s intelligent computer vision software will understand every single physical interaction in the store. Also, it keeps track of every inch of the store. It will leverage new and existing CCTV cameras in the store to supercharge staff with an AI assistant. Besides analysing the shop floor activity, it will detect theft in real-time and notify staff about the events and shopping habits that need their action. So, overall staff efficiency is maximised.

Stay tuned to Silicon Canals for more updates in the tech startup world.

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