Swedish startup secures 3.1 million for a new AI technology in physical retail
The Swedish Innovation Agency Vinnova has decided to support the development of Indivd’s patent-pending AI technology. A new technology which gives physical retail a deep and unique understanding of all their visitors. The project, which runs from November 2018 to December 2019, has a total coverage of 3 163 727 SEK of which Vinnova finances just over half.
Indivd’s patent-pending “deep learning” technology is the first solution in the world to strictly anonymize, and with existing store cameras identify and re-identify all store visitors.
– It’s an anonymization where the visitor’s integrity is fully secured in line with the new laws
and rules that apply, including GDPR. Our technology allows stores to follow the actual behavior of all store visitors without storing any personal data, “says Fredrik Hammargården, CMO for Indivd and project leader for the Vinnova project.
Essential for physical retail
The pressure on traditional retail is big when the society shifts from analogue to digital.
“Increased customer insights are essential to strengthening their relevance to their customers and to streamline their internal processes.”
Big Behavorial Data
Indivd is developing a cloud-based service where BBD (Big Behavioral Data) is collected through existing or added cameras.
– The information we will be able to gather about the store visitors includes their character, purchase style, loyalty, re-visiting frequency, what they do etc. The collected strictly anonymous data flow can be used exclusively, but also together with other external data sources such as digital messages in the store, campaigns or weather. It’s about identifying patterns which stores can use to strengthen their customer experience and improving their internal processes, says Fredrik Hammargården.
A unique global technology
Digitization places entirely new demands on increased customer insights to strengthen the relevance of physical retail. Indivd’s strictly anonymized technology is internationally unique and our first pilots will be installed in Stockholm next year. Fredrik Hammargården finishes:
“Indivd helps physical retail to be proactive instead of reactive. An area where we’ve got the potential to become the industry leader.”
With the help of major retailers
The project includes several major companies within retail, all with a strong national and international market presence. Indivd has also raised interest and established close contact with other players in the ecosystem such as survey companies, property owners and suppliers to retail.
For more information contact:
Fredrik Hammargården, Head of Commercialization, 004673 840 65 27, firstname.lastname@example.org