AI theft detection platform ThirdEye secures £2m investment

London-based AI security company ThirdEye has secured a £2m investment in a series C funding round.

The retail theft detection platform has received co-investment by venture capital firm Octopus Ventures and consumer sector investor True in the funding round, with participation from original seed investor Episode 1 Ventures.

Founded in 2016, ThirdEye uses its patented AI machine learning technology to help retail CCTV systems understand human behaviour on the shop floor level, automatically monitoring shopper behaviour and alerting staff members to incidents in real-time.

Zoe Chambers, future of industry lead at Octopus Ventures, explained: “ThirdEye has developed technology that is already making a real difference to retailers across the country. They truly understand how to build innovative technology to serve a compelling customer problem.”

ThirdEye plans to use the investment funds to strengthen its existing team and technology platform ahead of a larger commercial roll out across Europe.

Founder and CEO of ThirdEye, Raz Ghafoor, commented: “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.”

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