AAA Cisco sweeps up Modcam

Cisco sweeps up Modcam

Modcam, a Sweden-based computer vision sensor producer backed by industrial equipment maker Robert Bosch, has been acquired for an undisclosed sum by Cisco Meraki, a cloud services subsidiary of networking technology provider Cisco.

Founded in 2013, Modcam supplies ceiling-mounted sensors that exploit computer vision technology to estimate the number and location of people in specific areas of a building.

The MOD.01 technology will be combined with Cisco Meraki’s MV smart camera product to facilitate multi-camera analytics.

Modcam secured about $600,000 from Robert Bosch’s corporate venturing unit, Robert Bosch Venture Capital, in 2015 before adding $1.6m from Spintop Ventures and angel investor Anders Laurin the same year.

Private investor Peter Carlsson provided an undisclosed amount for the company in November 2015, before unnamed existing investors reportedly supplied a total of $3m across rounds in September 2016 and January 2018.

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