ThirdEye Labs

ThirdEye Labs, established in 2016 by Raz Ghafoor and Peter Rennert, developed an artificial intelligence platform geared towards the retail sector. The company's primary offering was an AI-powered assistant that integrated with existing in-store CCTV systems. This technology was designed to analyze surveillance footage in real-time to identify behaviors indicative of theft, subsequently alerting store staff to potential incidents as they unfold.

The system's capabilities extended beyond loss prevention, providing retailers with anonymized data on customer interactions and in-store behavior. This allowed for a deeper understanding of store operations, marketing effectiveness, and overall security. By leveraging a store's current camera infrastructure, the platform offered a solution to address a range of issues without requiring investment in specialized hardware. The business model centered on providing this software to retail stores to help them reduce revenue loss from theft and improve operational efficiency.

The London-based firm participated in several accelerator and incubator programs starting in March 2016. It secured a seed round in July 2016 and later raised over €2.3 million in a Series A funding round in March 2019, led by Octopus Ventures with participation from True and Episode 1 Ventures. This capital was intended to expand the team and further develop the technology for a broader European rollout. In November 2021, ThirdEye Labs was acquired by Standard AI.

Keywords: retail security, loss prevention, computer vision, AI video analytics, CCTV analytics, theft detection, retail AI, shopper behavior analysis, in-store analytics, store optimization, asset protection, retail technology, real-time alerts, suspicious behavior detection, shoplifting prevention, operational intelligence, retail operations, intelligent video surveillance, Raz Ghafoor, Peter Rennert