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.

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It has raised € 1.3 million from the startup’s existing stake holders, and is raising € 3 million more currently.

Modcams technology consists of advanced software for image analysis, in combination with proprietary sensors, which can anonymously measure movement patterns and queues in buildings without falling under the camera monitoring law or GDPR.

Thanks to the new partnerships with IBM and Samsung, Modcam now has new clients within bank and finance industries, as well as American authorities, airlines and car showrooms.

“They stand for the user interface and combine our data with other data. But behind it lies our technology and our algorithms. Samsung and IBM both work with IoT and digital transformation in commerce and property management. So our goal, when we scale up, is to become a one-stop shop for sensor analysis of flows in real estate”, says Andreas Sparrenblad, CEO, to Rapidus.

According to Rapidus, Modcam has already has major development costs behind it, and now there is an undivided focus on expansion and sales. The newly acquired capital will go towards reaching out to more markets, and employing staff in customer service and marketing. Andreas also mentions that the startup is looking into opening new offices, possibly in London.

Among the current investors are people like Bert Nordberg and Tesla veteran Peter Carlsson, as well as Robert Bosch Venture Capital and Spintop Ventures.

Edit: The original article mistakenly had a headline that said the investment was from IBM and Samsung. This was wrong. We apologize for that error.

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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.

The post Modcam gets further investment to develop their image analyse appeared first on Øresund Startups.

The amount of investment by Peter in the startup is unknown but the main contributions by him are his networking skills and Business contacts.

“I think they have a very interesting software and hardware that can help both commercial and public environments to optimize their staffing and understand how well you utilize the spaces,”- says Peter Carlsson in Breakit.

Modcam elaborates about its product by saying,

“Our platform is tailored for video content analytics through our in-depth knowledge about image processing and the interaction between software, hardware and camera sensor. Modcam gives you the ability to see, understand and react.”

Modcam is founded by Andreas Nordgren, Karl-Anders Johansson and Bogdan Tudosoiu, who also own 50% of the company. Among other co-owners are Spintop Venture, Robert Bosch Ventures and Sony Ericsson’s former CEO Bert Nordberg.

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ModCam has had a strong year so far. Their product got great reception when released at the MWC in Barcelona in March, they recently added Vestas CEO Bert Nordberg and business angel Johan Lenander on the board. And now a round of investment has been closed, quicker then previously announced.

Finn Persson, partner at Spintop Ventures, talked to 8till5 about it:

“The management and early investors at ModCam are impressive and have experience from the best companies in their fields. We are happy to become a part of this company.”

8till5 also reports that with the investment Johan Lenander will take the role as chairman in the startup. Johan has a past as chairman at TAT, and was also CEO at Aspiro in 2005-2007.

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“They are two very good people to have on board. They have a network and a credibility that means a lot to us.” says Modcams CEO Andreas Nordgren

Bert Nordberg, previous CEO at Sony Mobile, and now chairman at Vestas, is a powerhouse in the corporate world in Scandinavia.

Johan Lenander, previously at TAT and also a past as CEO at Aspiro, where he launched the WIMP music player in 2006 (a company that recently got a lot of attention when it was acquired by Jay-Z). Johan is now one of the most active business angels in this region, often together with Hampus Jakobsson.

Modcam was founded in 2013 by Bogdan Tudosoiu, Jan-Erik Solem, Tord Wingren and Karl-Anders Johansson. It is a startup that is active in the field of image analysis. It’s sensors, launched at the Mobile World Congress in Barcelona in March, enable users to do advanced image analysis on the fly, such as counting people in a crowd and analyze how they move. Neither the images or video needs to leave the unit.

The startup is currently talking to investors and aims to raise a million euro round later this year.

“This is necessary for us to reach the growth we want, now that we are approaching commercial volume.” says Anders to 8till5

The post Bert Nordberg and Johan Lenander join Modcam’s board appeared first on Øresund Startups.

Established entrepreneurs Hampus Jakobsson and Karl-Anders Johansson are the brilliant minds behind the new plot for having bought the property after receiving an expert property advice, and then turning it into an entrepreneur-house. The two have worked together in Tat, which they co-founded.

The 15th of January is moving-in day and renovations are currently in full swing Several of the companies moving in currently reside in Jard on Stora Nygatan 36.

According to Hampus Jakobsson, there’s no need to worry about bad blood between the rental owner of Stora Nygatan and the entrepreneur-duo. The move is purely in the interest of acquiring more space and the two have nothing but praise for their former location:

“The Jard building was too small, so we decided to find something new. But to anyone who is seeking a central facility of 200 square meters, Jard is super nice.”

The new entrepreneur-house is also the center for the start-up entrepreneur group Malmo Startups. The house includes ample meeting and recreation areas which Hampus Jakobsson believes is important to get business started.

We all know that the most defining characteristic of a house is its name, although Shakespeare might not agree, so what do they plan to call it?

“We don’t know yet, it’s tricky. Either we keep Jard or we come up with something new,” says Hampus Jakobsson.

We wish the two entrepreneurs and the twelve companies involved the best of luck and hope for a safe and hassle-free move!

Read more on the story at SydSvenskan.

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