Computer vision start-up raises €2.7m to support international expansion

Computer vision start-up raises €2.7m to support international expansion

A DUBLIN-BASED computer-vision company which helps physical retailers, hospitality venues, and convenience service stations to optimise operations has raised €2.7million to accelerate sales, invest in ongoing product development and drive further expansion in the US and UK.

Everyangle’s platform uses computer vision and machine learning to analyse CCTV footage for events of interest, without the need for human review.

With the number of CCTV cameras deployed globally set to double from 1 billion to 2 billion in the next three years, enterprises are increasingly surrounded by oceans of video. However, less than 0.1 per cent of CCTV video captured is ever reviewed by a human being, due to time and cost factors.

Everyangle’s unique platform analyses video footage rapidly and cost effectively at-scale to help retailers, hospitality providers and fuel station operators gain in-store customer insights, reduce loss and optimise their operations.

Their recent funding round was co-led by Sure Valley Ventures, Act Venture Capital and Furthr VC (formerly DBIC Ventures) and with participation from Enterprise Ireland - it will now allow them to bring their niche product into the wider global market

Everyangle CEO David Owens said: “We are delighted to receive this investment to launch the next phase of our growth.

“With the number of CCTV cameras set to grow by 100 per cent globally, our platform is becoming ever-more critical to ensuring retailers, hospitality venues and convenience service stations can leverage at scale all of their video data to improve the in-store customer experience, reduce theft and fraud, and deliver real operational cost savings.

“We’ve developed long-term partnerships with customers who trust our expertise to successfully address and solve even their most complex business problems,” he added.

“Having had a positive response from the market to date, particularly in the USA, we look forward to accelerating our sales, implementing our product roadmap and growing our team over the coming months.”

Isabelle O’Keeffe, Partner at Sure Valley Ventures, claims the firm is “delighted” to be able to support the firm’s next growth phase.

“This is an exciting business with international ambitions,” she said.

“We are delighted to support the Everyangle team in tackling the growing challenges of better understanding in-store customer behaviour, improving loss prevention, and delivering operational cost efficiencies.

“Everyangle fits ideally with our goal to back companies which have exciting potential to disrupt industries and scale up, and in doing so, deliver robust returns for the economy and society at large, the founders and their team.”

Richard Watson, Managing Partner at Furthr VC commented: “The level of participation by three VCs in the investment round in Everyangle underlines the strength and depth of their team, the level of sophistication of the platform and the size of the global opportunity. We are highly impressed by the management team and look forward to working closely with them in scaling the business.”

Baker Tilly corporate finance and tax advised Everyangle on the funding round with Elaine McGrath of Reddy Charlton LLP providing legal advice.