Indivd raise additional capital to develop a new type of retail platform
Victor Molen, Co-founder and CEO at Indivd
Indivd, which has developed the world’s first legal anonymization technology for image data, has now completed the second round of financing. The company has in recent years attracted great interest for its world-unique anonymization technology of image data for use in retail stores and malls. As part of continued expansion, Indivd has now raised an additional SEK 8 million.
The background to the technology comes from Individ’s founders who realized that retailers and property owners have an increasing need to analyze and understand customer behavior in stores and shopping centers. Contact was made with Dr. Leonard Johard who has deep knowledge in machine learning and AI. This is how the idea was born to use existing store cameras for anonymous collection and analysis of customer behavior.
Last year, the Swedish Data Protection Authority approved Indivd’s technology for use in retail, and since then test installations have been carried out as pilots.
Norrlandsfonden and the investor group that previously invested in Indivd participated in the new financing round. The initial investors consist of three people with extensive and broad international experience in corporate finance, investor relations, financial communication, and board work in listed companies. The group is led by the Stockholm-based investor Martin Roos, who, among other things, has extensive retail experience after 20 years in the telecommunications industry.
– The new invested capital will be used for the continued development of our insight platform for retail stores and malls, as well as for investments in more pilots. We will also continue and deepen our discussions with customers and partners. The capital is planned to last for about a year, after which we will prepare for larger financing round before a planned global market expansion, says Victor Molén, CEO of Indivd.
Crucial for the continued positive development of physical retail
Indivd’s first test pilot in Best of Brand’s store at Sickla Köpkvarter outside Stockholm is being developed according to plan.
– It is the world’s first pilot for legal anonymous collection of anonymized customer insights. The aim is to create group insights for a deeper understanding of customers’ movements and behaviors, says Victor Molén and continues:
– Our development is at the absolute forefront of technology and this complementary venture capital enables us to accelerate this work. The valuable insights we now are developing will be necessary for retail, especially in these pandemic times when understanding and knowledge of customers has become more important than ever.
Per-Erik Persson, Business Analyst at Norrlandsfonden, adds:
– The technology is exciting and can be absolutely crucial for the continued positive development of physical retail, we have high expectations for Indivd.