Veesion has secured €43 million in Series B funding led by Red River West to enhance its advanced AI-driven retail security solutions.

Information on the Target

Veesion is at the forefront of transforming retail security through its cutting-edge gesture-recognition AI technology, specifically designed to combat global retail theft. As a leader in the realm of computer vision security, Veesion significantly mitigates theft-related losses by providing real-time detection and immediate alerts via an intuitive mobile application. The company's plug-and-play hardware is compatible with existing security camera systems, facilitating rapid deployment and a quick return on investment (ROI).

Addressing a widespread issue of retail shrinkage that surpasses €120 billion annually, Veesion's technology offers a remarkable reduction in shrinkage rates by up to 60%. The effectiveness of this approach is exemplified by instances where clients successfully thwarted thefts amounting to €50,000 in real time. With more than 5,000 installations globally, including over 500 in the United States, Veesion has achieved significant traction, reaching double-digit annual recurring revenue (ARR) within just three years of its inception. The company's proprietary theft-gesture database and cost-effective solutions provide a distinct competitive advantage over rivals such as Everseen and Verkada. Furthermore, ongoing enhancements, including recent updates to their mobile application, have contributed to elevated customer satisfaction levels.

Industry Overview in the Target’s Specific Country

The retail security landscape in the United States is experiencing a remarkable evolution as retailers increasingly seek effective solutions to combat theft and loss. With retail shrinkage impacting profit margins severely, the demand for innovative security technologies has surged. Traditional security mea