June 22, 2021
Investment Will Help Support Everseen’s Next Stage of Growth and Expansion of Visual AI™
Cork, Ireland – Everseen, a leader in AI-powered computer vision software, announced today that Crosspoint Capital Partners (“Crosspoint”), a private equity firm focused on the cybersecurity, privacy and infrastructure software markets, has made an investment in the company. Terms were not disclosed.
Everseen’s technology brings patented AI-powered computer vision to core business processes. The technology has achieved critical mass in the Retail sector across processes such as self-checkout and inventory management. Everseen’s solutions have the highest accuracy in the market and improve retailers’ margins by up to 20% by reducing shrinkage at checkout and improving operations throughout the store.
“We are thrilled to have the support of Crosspoint. Their partnership will help expand our network of customers and partners, and prepare Everseen for its next stage of growth,” said Alan O’Herlihy, Everseen Founder and CEO. “Crosspoint brings a wealth of experience and success in infrastructure AI that we expect will open huge possibilities for Everseen. Most importantly, Everseen and Crosspoint share a commitment to responsible and ethical AI and our relentless drive to push the boundaries of innovation.”
“We are excited to be partnering with Alan and the Everseen team to expand their impact across industries and geographies. Wherever there is a process system, there is an opportunity to improve it – and Everseen is perfectly positioned to do just that,” said Greg Clark, Managing Partner of Crosspoint. “Everseen’s technology is exactly the type of infrastructure that we expect will soon be everywhere. It is rare to find a company prepared to change the way business is done with immediate, measurable ROI. The sub-second decision support provided by Everseen’s solutions is truly impressive. Market and industry analysts are emphasizing the emerging space of Hyperautomation, which uses AI technology to optimize performance and automate processes in real-time.”
Martin Higgins of Focus Capital Partners, the corporate finance advisor to Everseen since 2016, advised Everseen on the transaction.
The world’s largest retailers rely on Everseen’s Visual AI™ solutions to improve their bottom line by minimizing shrink, streamlining operations, and helping to deliver a more secure and better customer experience. Whether it’s at checkout lanes, in aisles, at the receiving door, or further into the supply chain, Everseen’s expert systems help customers see what’s happening. As retail technology innovators, Everseen’s best-in-class AI and computer vision deliver unmatched value at global scale. For more information visit: www.everseen.com.
Crosspoint Capital Partners is a private equity investment firm focused on the cybersecurity, privacy and infrastructure software markets. Crosspoint has assembled a group of highly successful operators, investors and sector experts to partner with foundational technology companies and drive differentiated returns. Crosspoint has offices in Menlo Park, CA and Boston, MA. For more information visit: www.crosspointcapital.com.
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