ModCam today announced the closing of an investment from Robert Bosch VC, the independent venture capital business of German technology giant the Bosch Group. See links to Swedish media coverage and the full English media release below.
Full press release in English below
Robert Bosch Venture Capital of Germany invests in Swedish company Modcam.
Swedish company Modcam continues to attract new investors with its unique video analytics solution. Robert Bosch Venture Capital GmbH (RBVC) has completed an investment in the company who will now launch its first commercial solution to the market.
”The investment from Robert Bosch Venture Capital GmbH gives us a strong industrial partner, in terms of expertise as well as capital. Bosch will add industrial know-how and extensive experience from various industry sectors and product areas.” Andreas Nordgren, Modcam CEO.
Modcam’s intelligent vision solution collects and analyzes rich visual information in real-time with a smart visual sensor. The data is then processed with powerful analytics software in the sensor device itself. The solution provides a high level of security and privacy, unlike competing systems which usually stream unprocessed and non-encrypted video for central processing.
The initial application area is to make detailed analysis of movement patterns in retail and office environments. The data analysis generates easily accessible graphical results in real time, which can be used to optimize space usage based on actual utilization. The solution is truly plug-and-play and it takes only 10 minutes to install a system which subsequently can easily be further expanded and continuously upgraded with new application features.
Bogdan Tudosoiu, Modcam CTO, sees the potential to improve operations in many different industries: ”Since we have based our solution on an open platform, we can also let third party developers create their own applications.”
Hongquang Jiang, investment principal of Robert Bosch Venture Capital GmbH, is convinced about the strong potential of the open platform approach: “We believe that Modcam’s visual sensor systems with decentralized intelligence offer huge opportunities for new markets in the future.”
Modcam is already delivering its first commercial installations in retail, office and hotel environments. The company has also started online sales of its smart visual sensors to app-developers.
For more information, please contact:
Andreas Nordgren, CEO Modcam AB
Mobile: +46705742055 Dr.
Dr. Hongquan Jiang, Investment Principal, Robert Bosch Venture Capital GmbH