Investment will enable provider of loss prevention solutions to expand product development, sales and marketing
Agilence, a provider of intelligent loss prevention solutions, secured funding from three leading venture capital firms. Granite Ventures, Schneider Electric Ventures and NextStage Capital provided Agilence with a total of US$2 million.
“We are pleased to receive this funding as we continue to expand our product development, sales, and marketing,” said Russ Hawkins, President and CEO of Agilence. “Worldwide retail shrink has now reached a staggering $119 billion annually — proof that many existing technologies are not detecting several sources of losses, especially those beyond fraud. Agilence's unique ability to synchronize point-of-sale data with corresponding video enables retailers to promptly and accurately identify all shrink — operational, systemic, and fraud — that directly affect retailers' bottom lines.”
Agilence's patented item-level synchronization software, Hawkeye, pulls data directly from the point-of-sale system and marries the data with video in real-time. The data for each individual item scan and key punch within a transaction is perfectly linked to its associated video image. Unlike other loss prevention tools that identify only abnormal exceptions occurring at the macro level, Hawkeye enables retailers to view all exceptions, allowing them to detect issues immediately and before they cause substantial shrink. These capabilities have helped retailers uncover the hidden shrink, including operational and systemic issues, that has traditionally gone undetected and that costs retailers billions of dollars a year.
“Agilence is at the forefront of loss prevention technology,” said Sam Kingsland of Granite Ventures. “This funding confirms the tremendous success that they have had in helping retailers significantly reduce point-of-sale losses. By delivering a quick and substantial ROI, Agilence has increased their customer base by 85 percent in one year.”