Veesion is revolutionizing retail security with advanced gesture-recognition AI designed to tackle global retail theft. Positioned as a leader in computer vision security, Veesion significantly reduces theft-related losses through real-time detection and immediate alerts via an intuitive mobile app. Its plug-and-play hardware integrates seamlessly with existing security cameras, enabling quick deployment and rapid ROI. Addressing a global retail shrinkage issue exceeding €120 billion annually, especially critical in the low-margin retail sector, Veesion's technology reduces shrinkage by up to 60%. A notable example involved a client preventing a €50,000 theft in real-time. With over 5,000 installations worldwide, including 500+ in the U.S., Veesion achieved impressive traction, reaching double-digit ARR within three years. The company's unique edge comes from its proprietary theft-gesture database and cost-effective solution, offering better accessibility and effectiveness compared to competitors like Everseen and Verkada. Continuous enhancements, including recent app upgrades, further boost customer satisfaction. The founding team consistently demonstrates resilience and complementary expertise. We've closely followed Thibault (CEO), Benoît (leading sales and U.S. expansion), and Damien (technical founder) since inception.

Red River West proudly leads this €43 million Series B round alongside White Star Capital, Bpifrance, and renewed support from existing investors. We've tracked Veesion closely from seed stage to this significant milestone. Co-founder Benoît Koenig will lead U.S. expansion, reflecting the company's deep commitment. Funding will also enhance R&D, targeting verticals like slip-and-fall detection and crowd management.

Veesion aims to be a global leader in AI for the physical world, capitalizing on the rapid growth of installed cameras worldwide.

Fun Fact: When Joseph was finishing his studies and starting in venture capital in 2018, the Veesion founders reached out to recruit him as a freelance data annotator to train their AI models. It's fun that he's now in the deal team leading the investment, seven years later!