Modcam was acquired by Cisco.
Modcam, a Malmö, Sweden-based company provider of data-driven insights based on computer vision, announced that it was acquired by the American Cisco.
Financial details of the deal were not disclosed. Modcam will now become part of Cisco's Meraki business area, which develops both hardware and software in smart cameras.
Modcam, founded in in 2013 by Bogdan Tudosoiu, Jan Erik Solem, Tord Wingren and Karl-Anders Johansson and led by CEO Andreas Nordgren, has developed a solution that enables cameras to become smarter. Modcam’s technology provides a micro-level information that can be stitched together, enabling multiple cameras to provide a macro-level view of the real world. Modcam’s technology for precision locationing and journey pathing provides insights that inform strategic planning of physical spaces.
These collaborative, cross-camera analytics can allow retailers to better understand customer behaviors — from products of interest to check out wait times. Facilities managers and office space planners can better measure occupancy and room usage, while using trend data to optimize space utilization that can create safer working practices.
Prior of being acquired, Modcam raised about $8 million, mostly from private investors from Sweden, including Soläng Invest and Spintop Ventures, as well as from the German Robert Bosch Venture Capital.