Malmö-based startup Modcam has raised € 3 million

Malmö-based startup Modcam has recently made deals with the giants IBM and Samsung. The image analysis startup has therefore raised a new funding and is currently raising more.

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.