It has been summer, but not a regular summer. In the startup scene things have been moving. Besides Mapillary being acquired by Facebook, another acquisition has happened: Cisco scooped up Modcam.
Founded in 2013, Modcam has developed a smart sensor for image analysis. The founders Bogdan Tudosoiu, Tord Wingren, Karl-Anders Johansson and Jan-Erik Solem have a long background in this regions tech companies. And Jan-Erik Solem is also co-founder of Mapillary, who now has made two exits in the last couple of month.
The company will now become part of Cisco’s Meraki business, which develops hardware and software in smart cameras. The sensor module that the company developed was based on the edge computing technology. The module contained a set of camera sensors and processors. All calculation and analysis of the data collected is done on the device itself. When the image analysis is completed, metadata is forwarded from the unit to Modcam’s web service, where the company’s customers have been able to take part in various insights linked to the data collected.
Will stay in Malmö
With the acquisition it will be able to put more muscles behind development. The team is only 10 people, which has been reported to be a factor that limited the development of new features. The majority of Meraki’s staff are stationed in San Francisco, but Modcam’s employees will remain in Malmö.
The terms of the deal have not disclosed.
“We can not comment on the financial, but we are very happy with the deal as a whole. Above all, we are happy that what we have achieved is now being widely distributed in a global company.” says Andreas Nordgren, CEO at Modcam to DIDigital.
The startup last raised external capital at the beginning of the year and was valued in that new share issue at just over €4.6 million, according to documents from the Swedish Companies Registration Office.