Paris-based AI startup Veesion has secured €38mn to fuel expansion to the US — where it looks to help cure the country’s shoplifting “epidemic.”
Veesion’s AI-based computer vision software is trained to spot gestures in security camera feeds, such as a shopper putting an item in their pocket. If it sees something suspicious, the AI pings the store owner or security guard via an app, where it displays a recording of the activity. The user then makes the final judgment on whether the situation qualifies as theft.
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.
Security cameras are common in most retail outlets. However, Veesion’s CEO and co-founder Thibault David said he thinks they are “completely useless.”
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“Cameras in shops are rarely used, because they require a human to keep watch on them,” he told TNW.
Founded in 2018, Veesion’s AI shoplifter-spotter is already installed in over 6,000 stores in 25 countries, including France, the UK, Brazil and the US, where it is now looking to expand.
In 2022, US retailers reported inventory losses amounting to $112bn (€100bn), $40.3bn (€36bn) of which was attributed to shoplifting. Meanwhile, the UK, with a population around a quarter of the US, is also experiencing a rise in incidents of shoplifting. The country suffered losses of £2.2bn (€2.5bn) in 2023, according to a recent survey by the British Retail Consortium (BRC).
“Shoplifting is a huge pain point for retail stores, especially in the US, which is suffering from a theft epidemic,” said David.
However, spotting the crime is just one part of the puzzle — confronting shoplifters is another. According to the same BRC survey, violence and abuse against UK shop workers rose by 50% in 2023, with more than 2,000 such incidents recorded on average per day. In both the UK and the US, enforcement against shoplifters is free-falling.
As retailers struggle to keep pace with rising theft, some are turning to technology for support. While Veesion’s AI doesn’t promise to solve shoplifting outright, it might give store owners better tools to detect it and decide how to respond.
As part of its US expansion plans, Veesion will open an office in Florida that aims to employ about 50 people. One of its co-founders, Benoît Koenig, is also moving across the Atlantic permanently as part of the company’s expanded presence in the country.
Looking ahead, Vession hopes to use its computer vision technology to spot other issues in retail stores, such as falling or slipping risks. It’s also considering expanding to other sectors like manufacturing and healthcare.
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English (US) ·