ThirdEye Labs, a startup that provides real-time artificial intelligence (AI) assistance to detect theft in-stores, was selected the winner of the 2020 Startup Innovation Awards for Asset Protection by retail AP executives from a pool of finalists.
The Retail Industry Leaders Association’s (RILA) Startup Innovation Awards for Asset Protection recognize startups innovating in the areas addressed in the Total Retail Loss Report, the first ever study that examines how the retail industry understands the nature and extent of all the potential types of losses they presently experience. The popular feature of RILA’s annual retail AP conference was converted to a virtual event following the cancellation of the 2020 conference.
“Though circumstances surrounding this year’s awards were different, retailers’ need and appetite for cutting-edge technology to help navigate today’s challenging environment is unchanged. We were excited to provide a platform for these promising startups to showcase their innovative solutions to the retail industry,” said Lisa LaBruno, senior executive vice president of retail operations and innovation. ”All of the finalists deserve our congratulations, especially ThirdEye Labs whose solution marries today’s technology with a traditional challenge that all retailers face, in a way that the AP community recognized as particularly impressive.”
ThirdEye runs on retailers’ existing camera systems to detect theft and alert employees in real-time. The artificial Iintelligence software detects complex actions such as concealment of items into pockets and bags, non-scans at checkouts, or large quantities of high-risk items picked-up in aisle.
“The whole ThirdEye team and our partner businesses are proud to see our mission in fighting retail crime being recognized by the industry in this way,” said ThirdEye cofounder and CEO Raz Ghafoor. ”We would like to thank everyone who took time to listen to our pitch and the RILA team for organizing such a great webinar series.”