EVERYANGLE, the Dublin-based computer-vision company that helps physical retailers, hospitality venues, and convenience service stations to optimise operations, is pleased to announce it has completed a €2.7 million fundraise to accelerate sales, invest in ongoing product development and drive further expansion in the US and UK.  

The funding round was co-led by Sure Valley Ventures, Act Venture Capital and Furthr VC  (formerly DBIC Ventures) and with participation from Enterprise Ireland.  

EVERYANGLE’s platform uses computer vision and machine learning to analyse CCTV footage for events of interest, without the need for human review. With the number of CCTV cameras deployed globally set to double from 1 billion to 2 billion in the next 3 years, enterprises are increasingly surrounded by oceans of video. However, less than 0.1% of CCTV video captured is ever reviewed by a human being, due to time and cost factors. EVERYANGLE’s unique platform analyses video footage rapidly and cost-effectively at scale to help retailers,  hospitality providers and fuel station operators gain rich in-store customer insights, reduce loss and optimise their operations.  

Customer Insights – with less than 40% of visitors generating a digital footprint in brick-and-mortar retail stores and hospitality venues, the in-store customer has historically been far more challenging to analyse than their online counterpart. EVERYANGLE levels this playing field by providing high-fidelity analytics on customer footfall, demographics, in-store journey and sales conversion, enabling the effectiveness of store marketing campaigns, opening hours and visual merchandising to be rapidly split tested and measured.  

Loss prevention – customer theft and staff fraud at checkout costs retailers and hospitality venues upwards of 1% of gross revenue annually. With these costs trending upwards during periods of low economic growth, the ability to identify checkout loss, cost-effectively at scale in today’s marketplace has the potential to deliver significant savings that drop straight to a retailer and hospitality operator’s bottom line. EVERYANGLE’s platform identifies scan avoidance events at self-checkout, spots suspicious refunds, voids and card activations and reduces the cost of investigating suspicious transactions at the checkout by 90%. 

Optimized Operations – The number of job openings across the retail and hospitality sectors has increased by 53% compared with 12 months ago. This is the largest worker shortage in a  single sector in decades according to data from the US Bureau of Labor Statistics. The imperative to understand precisely how many staff are required, at what times, in which locations and performing what activities have never been more pressing. EVERYANGLE’s platform reduces labour costs by 1 hour weekly per employee by aligning work schedules with customer traffic flows, alerts staff when checkout queues exceed threshold KPIs, and avoids over-ordering inventory with live stockroom utilization reporting.

The Company is based in Ireland and plans to increase its headcount over the next 24 months,  with recruitment underway for key hires in machine learning, data science, software engineering, product management and sales.  

EVERYANGLE has developed strategic go-to-market partnerships with major vendors including Cisco and SAP, global distributors such as TD Synnex, as well as international reseller partners including CDW and WWT. These extensive partnerships enable EVERYANGLE to serve a range of sectors globally, including Retail, Hospitality and Convenience Service Stations, with customers including Mulberry, Peloton, Oxford Industries, Joey’s Restaurant Group, Vinfast and RaceTrac. 

EVERYANGLE CEO David Owens commented: “We are delighted to receive this investment to launch the next phase of our growth. With the number of CCTV cameras set to grow by  100% globally, our platform is becoming ever-more critical to ensuring retailers, hospitality venues and convenience service stations can leverage at scale all of their video data to improve the in-store customer experience, reduce theft and fraud, and deliver real operational cost savings. We’ve developed long-term partnerships with customers who trust our expertise to successfully address and solve even their most complex business problems. Having had a positive response from the market to date, particularly in the USA, we look  forward to accelerating our sales, implementing our product roadmap and growing our team  over the coming months.” 

Isabelle O’Keeffe, Partner at Sure Valley Ventures commented: “This is an exciting business with international ambitions. We are delighted to support the EVERYANGLE team in tackling the growing challenges of better understanding in-store customer behaviour, improving loss prevention, and delivering operational cost efficiencies. EVERYANGLE fits ideally with our goal  to back companies which have exciting potential to disrupt industries and scale up, and in  doing so, deliver robust returns for the economy and society at large, the founders and their  team.” 

Debbie Rennick, General Partner at Act Venture Capital commented: “We are delighted to support David and his team to accelerate their international growth. EVERYANGLE has a great technology platform with multiple applications providing strong business benefits for its customers. The market opportunity is very large and growing rapidly; they have an exciting  future.” 

Richard Watson, Managing Partner at Furthr VC commented: “The level of participation by three VCs in the investment round in EVERYANGLE underlines the strength and depth of their team, the level of sophistication of the EVERYANGLE platform and the size of the global opportunity. We are highly impressed by the management team and look forward to working  closely with them in scaling the business.” 

Baker Tilly corporate finance and tax advised the company on the funding round with Elaine  McGrath of Reddy Charlton LLP providing legal advice.