Business Irish

Friday 20 September 2019

High-profile backers inject €1.3m equity into Everseen

Former Tayto crisps owner Ray Coyle has invested in Everseen
Former Tayto crisps owner Ray Coyle has invested in Everseen
John Mulligan

John Mulligan

Tech firm Everseen, whose systems help to prevent fraud and theft at the point of sale in shops, has raised €1.3m from new and existing investors.

It brings to €10m the amount raised by the firm since 2008.

Backers in the firm include former Tayto crisps owner Ray Coyle and Total Produce chairman Carl McCann.

Barry Connolly, the owner of Richmond Marketing, has also invested in the business in the latest funding round.

Richmond Marketing is well known as the distributor in Ireland of drinks such as Red Bull and Peroni.

The latest funding round by Everseen saw Mr McCann, tech entrepreneur Cyril McGuire, and financier Paul Keenan inject additional funding into the Cork company. Mr Keenan is the founder of investment firm Capnua.

Finn Lyden, the former CEO of Siac Construction, has also invested in Everseen in the latest funding round.

Everseen was founded by CEO Alan O'Herlihy. The firm aims to help retailers combat the $40bn in annual losses that are racked up globally by them due to non-scanning and other irregularities at points of sale.

Its system is used by five of the world's top 10 retailers.

Terry Buckley, the managing director of advertising firm Clear Channel Ireland, had earlier invested in Everseen and also stumped up funding for the latest equity-raising round.

Mr Buckley is also a non-executive director of Independent News & Media, the publisher of this newspaper.

Other investors in Everseen include Eamonn Rothwell, the boss of ferry firm Irish Continental, and the former executive chairman of Grafton Group, Michael Chadwick.

Technology entrepreneur Pat Brazel is also an investor in the business. Other backers include Boston-based Synergy Investments. It funded Everseen earlier this year by way of a debenture.

The latest set of publicly available accounts for Everseen show that it made a loss of €2m in 2015 as it continued to develop its product and expand.

That brought its accumulated losses to €5.8m.

This month, Everseen announced that it's preparing to trial a new technology, called Oline, at a shop in Cork in 2018.

The system eliminates the need for queuing and checkouts in stores by using a combination of artificial intelligence, computer-vision technology, biometrics and interconnected smart devices.

Irish Independent

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