Malmo-based Modcam raises SEK 14.9 million (over 1,6 million euro) through share emission among existing shareholders, Swedish Spintop Ventures and the German Robert Bosch Venture Capital. The financing round was confirmed by company’s co-founder and CEO Andreas Nordgren, but without further details about the deal according to DiDigital.
Modcam has developed a compact camera-based sensor with a built-in analytics for customer flow analysis in physical stores & buildings. Data from the sensors allow store managers to gather information about customers’ movement and flow around a shop, which is helpful for building better store environment to increase sales.
Earlier this year Modcam started a partnership with the US company Percipo. Through access to their algorithms, the image analysis has become so detailed, that is possible determine a person’s age, gender, if the person is wearing glasses, a beard or mustache, and if they are sad, happy or very happy.
The company was founded in 2013 by Bogdan Tudosoiu, Jan Erik Solem, Tord Wingren and Karl-Anders Johansson. In 2015 Modcam has attracted over SEK 18 million (1,8 million euro) capital from Robert Bosch Venture Capital and Spintop Ventures, Anders Laurin, and Bert Nordberg.