Swedish motion detector wearable Imagimob gets $290k in fresh funding and can access further $640k from existing investors.

Imagimob will use the funds to accelerate R&D, expand international sales activities and to strengthen the company’s IP portfolio.

Led by Anders Hardebring, CEO and Co-Founder, Imagimob has invented and developed SensorBeat*, a patented AI technology that allows for advanced motion recognition on small, low-cost and low-power IoT hardware devices.
The technology can potentially be used in an almost unlimited number of applications in a range of different vertical segments.

Imagimob will use the money to gear up its work on research and development, expand its international focus and strengthen the company's IP portfolio.

The company has over 10 customers, several of which are large international companies.

Initially the company made money from providing consulting services in sensors area, but decided in 2015 to develop its own product. Thus, revenues fell from SEL 2.4 million in 2014 to 455,000 kronor last year.

Original story