European venture capital firm Octopus Ventures and True have co-invested in an AI-driven security platform for retailers.

ThirdEye has built a machine learning platform that conducts real-time deep learning on CCTV video steam.

The machine learning platform works by leveraging existing security cameras to equip members of retail staff with an AI assistant that analyses shop floor activity.

The analysis can help detect theft in real-time, as well as notify staff of other shopping habits and events that require their action.

“After years of hard work from the ThirdEye team and strong encouragement from our early customers, we're excited to take on this scale-up capital to grow ThirdEye and help fulfil our vision for the AI augmented store of the future,” said Raz Ghafoor, founder of ThirdEye.

“We're particularly proud that we've convinced Octopus Ventures and True, two of the best names in UK VC to support us on our journey.”

The capital will be used by ThirdEye to strengthen its team and technology platform in preparation for a wider commercial roll out across Europe.

Zoe Chambers, future of industry lead at Octopus Ventures, adds: “Figures this year have shown investment in AI is on the rise and on track to become one of the most transformative technologies of the next decade.

“ThirdEye has developed technology that is already making a real difference to retailers across the country.

“They truly understand how to build innovative technology to serve a compelling customer problem and I look forward to seeing ThirdEye go from strength to strength over the next few years.”

The retail and consumer sector specialist investor was joined by Episode 1 Ventures who also participated in the round.