Veesion, a Paris-based AI startup, has raised €38 million to expand into the US market, aiming to address rising shoplifting rates. Its innovative software utilizes computer vision to analyze CCTV footage for suspicious shopper behavior, alerting store personnel in real-time. The technology can integrate with existing security systems while respecting privacy by avoiding the capture of identifiable features. Veesion's presence in over 6,000 stores worldwide highlights the urgency of combating shoplifting, which has cost US retailers an estimated $40.3 billion in losses due to theft in 2022 alone.
"Cameras in shops are rarely used, because they require a human to keep watch on them," he told TNW.
"Shoplifting is a huge pain point for retail stores, especially in the US, which is suffering from a theft epidemic," said David.
The software comes in a small box that plugs into a shop's existing CCTV system.
To protect privacy, the system only registers human movements, not identifying information like a person's face or clothing, the company said.
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