Imagimob adds €500k in funding to further grow its real time Edge AI business.

Imagimob, a Stockholm, Sweden-based comany developing an AI product for the Internet of things-gadgets, announced adding €500k ($617k) in capital investment to the company.

The investment round was open to existing investors and included backing from STOAF (Stockholm Business Angels) and Permak Invest.

The new funds are to be used for accelerating further growth, which includes key recruitments in sales and AI research.

Imagimob, founded in 2013 and led by CEO Anders Hardebring, developed SensorBeat, an AI-based product that allows advanced motion detection for smaller Internet-of-things-articles, of virtually every kind. SensorBeat is a system for Edge AI, a concept where intelligence and data processing is done locally on small devices. This allows for improved safety, efficiency and user experience in products and services.

Imagimob recorded losses of SEK 2.5M ($310k) in 2016 at a sales figure of SEK 1.6M and, prior to this deal, it raised more than $1M in outside funding.