London-based retail security platform ThirdEye raises £2million

London-based start-up ThirdEye has built intelligent computer vision software that it claims will help retailers and their staff to prevent up to £56 billion in theft.

Founded in 2016, the company has just raised over €2.3 million from London-based European venture capital firm Octopus Ventures with participation from True and existing seed investor Episode 1 Ventures.

The capital will be used by ThirdEye to strengthen its team and proprietary technology platform in preparation for a wider commercial roll out across Europe.

“ThirdEye has developed technology that is already making a real difference to retailers across the country,” said Zoe Chambers, future of industry lead at Octopus Ventures.

“Raz, Peter and the team have shown that they are a fantastic combination of highly technical and very ambitious. They truly understand how to build innovative technology to serve a compelling customer problem and I look forward to seeing ThirdEye go from strength to strength over the next few years.”

“As investors in fit-for-the-future retail solutions we’re excited to have invested in a machine-learning platform with the potential to save the retail industry millions of pounds,” said Oksana Stowe of True. “We believe traditional bricks and mortar is transitioning to being experience-led, and ThirdEye is uniquely positioned to support continued activity on the high street and play a significant role in shaping the technological make-up of stores.

"We look forward to introducing ThirdEye to our extensive network of global retailers and supporting the team’s growth plans.”