Modcam adds up SEK 10M more from existing investors, announces Andreas Sparrenblad as a new CEO.

Modcam, a Malmö, Sweden-based company developing sensors for image analysis, secured SEK 10M ($1.2M) in equity investment.

The money comes from existing investors, including Spintop Ventures, Tord Wingren, Karl-Anders Joahnsson and Johan Lenander, and will be used to further expand the operations of the company.

At the same time, Modcam announced naming Andreas Sparrenblad as CEO of the company, replacing Andreas Nordgren.

Modcam, founded in 2013 by Bogdan Tudosoiu, Jan Erik Solem, Tord Wingren and Karl-Anders Johansson, provides a platform for intelligent computer vision in-device tailored for video analytics. The company has developed a smart visual sensor that is always connected to our cloud and delivered in a compact design.

Modcam is well funded, having raised more than $3M from investors including Peter Carlsson, Robert Bosch Venture Capital, and Soläng Invest and is yet to become profitable, as in 2016 it hardly recorded any revenue and lost SEK 12.6M ($1.6M).