Imagimob announced a capital raise of EUR 1 million.

Imagimob, a Stockholm, Sweden-based comany developing an AI product for edge devices, announced the completion of a private placement of EUR 1 million ($1.1M).

The money was provided by an undisclosed group of private investors and represents a bridge on the company's intentions to raise a Series A round in the second half of 2020.

Imagimob, founded in 2013 and led by CEO Anders Hardebring, developed an AI-based product that allows advanced motion detection for smaller Internet-of-things-articles, of virtually every kind. The product is used by companies in the automotive, manufacturing, healthcare and lifestyle industries and customers including Scania, Husqvarna and Flir Systems.

Prior to this round, Imagimob raised about $2 million from investors including STOAF and Permak Invest.