24th October, 2022 – Dublin-based computer-vision firm EVERYANGLE, aiding physical retailers, hospitality venues, and service stations in optimizing operations, has successfully raised €2.7 million. The funding round was co-led by Sure Valley Ventures, Act Venture Capital and Furthr VC, with participation from Enterprise Ireland. The funds will boost sales, support product development, and facilitate further US and UK expansion. EVERYANGLE’s platform leverages computer vision and machine learning to analyze CCTV footage for significant events, eliminating the need for human review. With global CCTV camera deployment expected to double to 2 billion in 3 years, the platform offers a cost-effective solution to analyze video footage at scale. This helps businesses gain valuable customer insights, reduce loss, and optimize operations.
Customer Insights
Despite less than 40% of visitors leaving a digital trace in physical retail and hospitality venues, EVERYANGLE provides detailed analytics on customer footfall, demographics, in-store journey, and sales conversion. This allows for effective testing and measurement of marketing campaigns, opening hours, and visual merchandising.
Loss prevention
Theft and staff fraud at checkout can cost over 1% of gross revenue annually. In low economic growth periods, these costs increase. EVERYANGLE’s platform can identify checkout loss, spot suspicious refunds, voids, and card activations, reducing the cost of investigating suspicious transactions by 90%.
Optimized Operations
Job openings in the retail and hospitality sectors have risen by 53% compared to last year, marking the largest worker shortage in decades. EVERYANGLE’s platform helps understand staffing needs, reducing labour costs by 1 hour weekly per employee, alerting staff when checkout queues exceed KPIs, and preventing over-ordering with live stockroom utilization reports.
The Ireland-based Company aims to expand its workforce in the next 24 months, recruiting for roles in machine learning, data science, software engineering, product management, and sales. EVERYANGLE has established strategic partnerships with major vendors like Cisco and SAP, global distributors such as TD Synnex, and international resellers including CDW and WWT. This network allows EVERYANGLE to cater to various sectors worldwide, such as Retail, Hospitality, and Convenience Service Stations, serving clients like Mulberry, Peloton, Oxford Industries, Joey’s Restaurant Group, Vinfast, and RaceTrac.
EVERYANGLE CEO David Owens commented: “We are delighted to receive this investment to launch the next phase of our growth. With the number of CCTV cameras set to grow by 100% globally, our platform is becoming ever-more critical to ensuring retailers, hospitality venues and convenience service stations can leverage at scale all of their video data to improve the in-store customer experience, reduce theft and fraud, and deliver real operational cost savings. We’ve developed long-term partnerships with customers who trust our expertise to successfully address and solve even their most complex business problems. Having had a positive response from the market to date, particularly in the USA, we look forward to accelerating our sales, implementing our product roadmap and growing our team over the coming months.”
Isabelle O’Keeffe, Partner at Sure Valley Ventures commented: “This is an exciting business with international ambitions. We are delighted to support the EVERYANGLE team in tackling the growing challenges of better understanding in-store customer behaviour, improving loss prevention, and delivering operational cost efficiencies. EVERYANGLE fits ideally with our goal to back companies which have exciting potential to disrupt industries and scale up, and in doing so, deliver robust returns for the economy and society at large, the founders and their team.”
Debbie Rennick, General Partner at Act Venture Capital commented: “We are delighted to support David and his team to accelerate their international growth. EVERYANGLE has a great technology platform with multiple applications providing strong business benefits for its customers. The market opportunity is very large and growing rapidly; they have an exciting future.”
Richard Watson, Managing Partner at Furthr VC commented: “The level of participation by three VCs in the investment round in EVERYANGLE underlines the strength and depth of their team, the level of sophistication of the EVERYANGLE platform and the size of the global opportunity. We are highly impressed by the management team and look forward to working closely with them in scaling the business.”
Baker Tilly corporate finance and tax advised the company on the funding round with Elaine McGrath of Reddy Charlton LLP providing legal advice.
