Modcam announced € 1.4m investment

ModCam, the digital image recognition startup, has announced a € 1.4 million investment round. The investment comes from Spintop Ventures and Anders Laurin, former VP at Axis Communications.

Modcam’s device allows retailers to generate heat maps, count people, or other computer vision applications through a unique software and hardware architecture that doesn’t require server processing, saving bandwidth. The solution isn’t only for retail, however. Similar applications can be used in facility management to give statistics on office space utilization, for instance.

ModCam has had a strong year so far. Their product got great reception when released at the MWC in Barcelona in March, they recently added Vestas CEO Bert Nordberg and business angel Johan Lenander on the board. And now a round of investment has been closed, quicker then previously announced.

Finn Persson, partner at Spintop Ventures, tells 8till5:

“The management and early investors at ModCam are impressive and have experience from the best companies in their fields. We are happy to become a part of this company.”

8till5 also reports that with the investment Johan Lenander will take the role as chairman in the startup. Johan has a past as chairman at TAT, and was also CEO at Aspiro in 2005-2007.

This article is in collaboration with Øresund Startups, originally by Karsten Deppert. Øresund Startups is a news site focusing on startups in Copenhagen and the other cities around the Øresund strait; Malmö, Helsingborg and Lund. It was initiated by Karsten Deppert and covers news about startups and events from the startup scene. You can follow them at@Oresundstartups.