Cork's Everseen raises €65m to further invest in AI technology

The company was founded in 2007 with its headquarters located in Blackpool, and reportedly has over 1,000 employees worldwide

Chief executive of Everseen Alan O’Herlihy: “We have created generic process-aware technology that can be applied to a broad spectrum of business functions, leveraging our growing dataset.” Picture: Denis Minihane

Cork-based retail tech company Everseen has raised over €65m in funding led by US private equity firm Crosspoint Capital Partners.

The company was founded in 2007 with its headquarters located in Blackpool. It reportedly has over 1,000 employees worldwide.

Everseen announced news of the funding on Thursday morning which it said would allow it to further invest in its AI technology as well as help scale the company.

Its technology is already used by a number of the world’s top retailers to streamline operations and help mitigate inventory shrink which the retail sector sees as a $100bn-a-year (€91.5bn) problem.

The company's video-camera technology, which monitors self-service checkouts, has also helped some stores drastically reduce the number of interactions staff have with customers observing millions of items and customers every day, reducing friction and delays.

The company was founded by Alan O’Herlihy who serves as its chief executive. Crosspoint Capital made its original investment into Everseen in June 2021 citing the company's disruptive computer vision AI technology and strong customer relationships.

Following news of the investment, Mr O’Herlihy said Crosspoint Capital has been a “fantastic partner” over the last two years “we are excited to further our relationship”.

“Everseen’s computer vision AI platform has scaled the automation of scene-based processes with impact — in use across 6,000 major retail stores and connecting 80,000 point-of-sale devices,” he said.

“We have created generic process-aware technology that can be applied to a broad spectrum of business functions, leveraging our growing dataset.” 

Greg Clark, managing partner of Crosspoint Capital, called Everseen a “refreshing example” of the business value of the AI revolution. “We are excited to bring the power of Crosspoint to support its vision and help them scale into this significant market opportunity.” 

Crosspoint Capital Partners focuses its investments on the cybersecurity, privacy and infrastructure software markets.