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.