Founded in 2007 by entrepreneur Alan O’Herlihy, Everseen develops video-camera technology that uses artificial intelligence for bricks-and-mortar retailers.
The company works with large grocery chains across the world, including 11 of the top 20 global retailers. Its technology also uses AI to improve efficiencies at self-service checkouts, such as spotting issues like items not scanning and potential theft.
In its results for 2023, Everseen recorded sales of over €37m, a significant jump of €10.1m on the previous year. Helped by the surge, Everseen’s loss before tax was €17.3m last year, down by €9.6m.
In the directors’ report, Everseen said it had gone through a “significant growth phase” in recent years.
In 2023, Everseen closed a €65m Series A funding round led by Crosspoint Capital Partners
“The group has expanded its customer base in both its primary markets but also geographically into new regions and customers,” the directors wrote. “The group has also evolved its investor and financing base and has benefited from its relationship with Crosspoint Partners.
“They plan for revenue to increase across new markets and geographies and also to bring new technology offerings to the market as it continues to grow. The business seeks to continue to be a world leader in the application of computer vision and artificial intelligence to retail businesses with further potential outside of retail.”
In 2023, Everseen closed a €65m Series A funding round led by Crosspoint Capital Partners, a private equity firm based in Boston that focuses on cybersecurity, privacy and infrastructure software. In the summer of 2021, Crosspoint invested an undisclosed amount in the Cork start-up to support the expansion of its technology.
An analysis of Everseen’s turnover showed how significant international markets are for the Cork-based company.
The rest of the world accounted for €36.79m, over 99pc of total revenue
Ireland only accounted for €33,500 in sales in 2023, while the rest of Europe was worth €224,200. The rest of the world accounted for €36.79m, over 99pc of total revenue.
Sales in the rest of the world were €26.75m in 2022, highlighting Everseen’s development into new markets.
The average monthly number of Everseen employees fell in 2023, from 1,148 in 2022 to 1,059. Staff numbers in R&D and analysts fell in the year.
Last year, Everseen’s tech was used in over 8,000 stores, by global clients such as Kroger, Meijer, and Woolworths.
