thanks to AI, Veesion detects shoplifting in stores, The Lab/Ideas

For two years, version tackles one of the nightmares of stores: shoplifting. Passed by the Agoranov incubator, specialized in deeptech, the young French shoot has developed a process for recognizing flight gestures. Linked to surveillance cameras, its software sends an alert to security officers when suspicious acts are detected by artificial intelligence.

“It is difficult to constantly monitor the screens, argues Thibault David, co-founder and president of Veesion. Our technology filters images and alerts personnel in real time based on objective information. »

The loss of earnings from theft would represent on average 2% of the turnover of organized trade. Not negligible in a retail sector with very low margins. The problem, which the surge in prices tends to reinforce, is valid across the Atlantic.

Gesture recognition

It is therefore not a surprise that Veesion is targeting the United States after having equipped around 2,000 stores in Europe, half of which are in France. The nugget, which employs 100 employeesis in a hurry to move on. Because gesture recognition technology, much less known than image recognition, is in its infancy.

None of the few players who have taken an interest in it to bring something new to the security market, such as Perfecta or the unicorn Standard Cognition, have had the time to impose themselves frankly. The games therefore seem relatively open and taking world leadership is the ambition displayed by Veesion.

This necessarily requires a strong presence in the United States. According to Thibaut Davidassociated to Benoît Koenig and Damien Menigauxthe simplicity of deployment of the device, financially accessible thanks to an annual subscription model, allows to go quickly. In France, many independent franchisees who are not all rolling in money have been conquered. Hundreds of sites have been equipped in Spain and England.

Partner with video hardware distributors

Last March, Veesion raised 10 million euros with the funds Odyssée Venture, Verve Ventures, Swiss Immo Lab, Techmind and its historical investors, Aglaé Ventures and Founders Future. About 50% of the sum is allocated to R&D, the other half to international development.

A subsidiary was recently opened in San Francisco. From next year, this will serve as the basis for a sales force that will have to plow through a potential market of 500,000 businesses. In the meantime, the French start-up is taking a dual approach.

On the one hand, it concludes agreements with important distributors of video surveillance equipment such as Watcher Protect. The latter thus opened the doors of supermarkets to him on the East Coast of the United States. At the same time, the young shoot is directly appealing to supermarkets. An approach that is not necessarily less effective. “The brand tests the product and if it is satisfactory, talks about it to its surveillance equipment supplier. Which becomes a potential reseller,” reports Thibault David, considering that local security players are very receptive because they are looking for differentiating solutions.

Conclusion: to date, Veesion equips “nearly a hundred American stores”, such as the Californian chain Grocery Outlet, Lunardi’s Markets supermarkets, Ace Hardware DIY stores and some 7-Elevens. The objective is to have more than 500 under contract in 2023. The same year, the company aims to exceed 10 million euros in recurring revenue (ARR).

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