VesionA French startup building AI equipment to identify suspicious behavior in physical stores has announced a 38 million dollar series B funding round, with $ 15 million of funds, with a total of $ 53 million.
This round was supported by the White Star Capital, Red River West and BP French, joined the existing supporters Odyssey Ventures, Venus Ventures and Future Futures. The fresh capital will help the company’s push for international expansion and the expansion of its technology in new environment and use.
“We have established Vesian with an ambition: to become a worldwide leader in analyzing intelligent gestures. We have created a kind of AI that identifies risky movements today and will provide a broad support to retailers tomorrow to manage their store and customers better. These funds will help us further structure, quickly accelerate our international expansion and appoint top talent.
“We are proud to bring new investors to the board while receiving new support from our Historical Tihasik partners. Visyon and its team are giving way to achieve their ambition: to be French Global Champion on Computer Vision“Sharing Thebault DavidCEO and Vicion co-founder.
Established in 2018, Vesian dealt with one of the endless problems in the retail sector: theft. The dition offers a little in the way of resistance to the surveillance systems, most CCTV footage is left unchanged in the absence of employees or resources. E-commerce benefits from fraud protection and real-time analytics, brick-and-mortar stores are long behind.
The founder of Vician identified this discrimination and spent three years to develop a solution, especially for the physical world.
“As a pioneer in its field with a completely integrated and scalable AI model, the Visyon stands as a real disruptive player in the retail sector. Since it accelerates development, its AI-powered solution is ready to make commercial spaces worldwide and to relieve professionals in the industry. We are very pleased to support this new stage and support the organization of international expansion,“Said Mathew LatsWhite Star Capital is the general partner.
There is a gesture recognition in the main part of Vasian’s platform that in-stor video streams processes to flagge the possible suspicious behavior — not using the romatricks or not saving any personal data.
The system, which does not require additional hardware, integrates into existing store setups and controls through a mobile app that provides real-time alert to employees. The company argues that its data has helped to spread the privacy-friendly method and simplicity technology: more than 5 stores across 20 countries now use vision, including independent shops and large supermarket chains.
Clients have stated immediate decrease in shrinking and advanced margin – up to 50%in some cases.
“A large margin issue of the sector – Visyon has created a strong gesture recognition equipment to understand the physical world by focusing on helping retailers’ shrinkage. With rapid growth in the past three years, Vesion will now be able to accelerate further by opening its auxiliary agencies, especially in the United States, in strategic markets“Said Lucy-Immanuel BarrowRed River West partner.
This fund will help the agency expand the company to the main markets, especially the United States, where it does not produce 10% of its revenue despite the local presence. In June 2021, co-founder Benoit Coinig will transfer to the United States to establish the first American office of the Company, with the aim of cement to cement the VC in a market where the demand for retail security technology is high.
The company also plans to expand its team, adding more than 150 new fares to its current headcount and its AI applications have expanded beyond theft identification. The cases under development include re -aid, customer journey optimization and observation of events inside the store.
Excluding retail, Vesian shows the potential in sectors such as healthcare, child care, warehousing and construction, where gesture-based insights can improve and improve skills.
“Thanks to its uniquely owned datasate and comparative accuracy, the Vician is the only solution that is capable of detecting theft gestures in real time. It is renewing the retail protection standards – and what it takes to be a leader in the US market. We are delighted to support Vician’s international expansion through our Digital Venture Fund“Added Mr. TrainSenior Investment Director in BPI France.
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