London-based AI-powered theft detection startup ThirdEye has secured £2 million in a funding round led by Octopus Ventures and True, with participation from an existing investor, Episode 1 Ventures. The startup will use the capital injection to hire more people and prepare to expand across Europe.
ThirdEye’s platform applies machine learning algorithms to footage from existing security cameras installed in retail locations. It analyses shop floor activity and supposedly can detect theft in real time. In addition to that, ThirdEye claims that its technology “can be utilised to gain market insights, eliminate queues and improve store operations.”