Start-up raises SEK8m to develop AI for IoT
September 8, 2016
Swedish AI start-up Imagimob has raised SEK8m in equity and debt in a founding round led by Stockholm Business Angels (Stoaf). The company will use the funds to accelerate R&D, expand international sales activities and strengthen its IP portfolio.
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 various applications in a range of different vertical segments.
"Imagimob is a company with leading edge technology and strong customer traction in a very interesting segment of the market," said Fredrik Runnquist, general partner at Stockholm Business Angels. "Although Imagimob is still a small company, we believe that the opportunity and business potential for Imagimob is very big."
The company has more than ten customers, many of them large, international companies.
"The capital raised will give us the possibility to continue to develop the company and to be able to innovate together with our customers," said Anders Hardebring, CEO and co-founder at Imagimob.
SensorBeat is a motion intelligence system that enables things to understand their motion, whether it's a wristband listening to how people move, a heat pump that monitors itself, or a power tool making sure it's used correctly.
It can also learn new motions, though typically it comes preconfigured with a few predefined motion patterns. Its accuracy means for instance that it can detect not only that someone is walking but can also estimate their speed or the fact that they are going uphill or downstairs.
The package contains all the necessary electronics, firmware and artificial intelligence for understanding the motion of things and people. The system is a fusion of hardware and software that can be integrated into third party products. It contains sensors, storage capabilities, Bluetooth Low Energy and external communications ports.
There is also a software package that can be integrated into third party hardware platforms. It can run on low-cost and low-power hardware devices. For OEM devices, SensorBeat comes as a source code and pre-compiled library written in Ansi C. SensorBeat Lib is also available on iOS, Android and Apple WatchOS.
SensorBeat is communications-agnostic in that it works with various communications technologies such as Bluetooth LE, 2G, 3G, 4G, wifi, Sigfox and LoRa.
Imagimob has expert competence in sensor technology and artificial intelligence. The company is headquartered in Stockholm, Sweden.