Parisian AI startup Veesion secured EUR38mn to fuel its expansion into the US, where it hopes to cure the “epidemic” of shoplifting in the country.
Veesion’s AI-based computer-vision software is trained to detect gestures in security-camera feeds, like a shopper placing an item in their pockets. The AI will alert the store owner or security officer via an app if it detects anything suspicious. It will then display a recording. The user makes the final decision on whether or not the situation is theft.
This software is a small box which plugs into an existing CCTV system in a shop. The system is designed to protect privacy by only registering human movements and not identifying information such as a person’s facial features or clothing. Security cameras are found in most retail outlets. Thibault David, Veesion CEO and cofounder, believes they are “completely ineffective.”
He told TNW that cameras are rarely used because they need a person to watch them.
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A story from our wise old founder Boris and some questionable AI artwork. Every week, it’s in your inbox. Sign up today! Veesion, founded in 2018, has installed its AI shoplifter-spotter in over 6,000 retail stores in 25 countries. These include France, the UK and Brazil. Veesion is now looking to expand in the US.
By 2022, US retailers will have reported losses in inventory amounting to $112bn (EUR100bn), and$ 40.3BN (Eur36BN), which is attributed to shoplifting. Shoplifting is also on the rise in the UK. With a population of around a quarter that of the US, it’s no surprise. According to a survey conducted by the British Retail Consortium, the country will lose PS2.2bn (EUR2.5bn]in 2023.
According to David, “Shoplifting has become a major problem for retail stores in the US. The country is experiencing a theft epidemic.”
But spotting the crime and confronting the shoplifters are two different things. According to the BRC survey, violence and abuse towards UK shop workers increased by 50% in 2023. More than 2,000 incidents were recorded per day. enforcement against shoplifters is fallingin both the UK[and the US]. As retailers struggle to keep up with the rising theft rate, some turn to technology for help. Veesion’s artificial intelligence (AI) doesn’t promise that it will solve shoplifting, but it could give store owners better tools for detecting it and deciding how to respond. Veesion plans to open an office in Florida, which will employ around 50 people. Benoit Koenig is one of its cofounders who will be permanently moving to the US as part of Veesion’s expansion plans in the country.
Vession is looking forward to using its computer vision technology in the future to detect other issues, such as falling and slipping risks, in retail stores. It is also looking at expanding into other sectors, such as manufacturing and healthcare. Ai’sdevelopmentis a hot topic for theTNW Conference, which will take place in Amsterdam on June 19-20. Tickets are now availableandfor the TNW Conferencein Amsterdam. Use the code TNWXMEDIA2025 to receive 30% off.
