Indivd secures 14 Million SEK – revolutionizing retail with AI
In a challenging period for many startups, the Swedish AI company Indivd has successfully raised 14 million SEK to support its growth. The investment comes from both existing shareholders and new investors within the retail sector, including Per Setterberg (Senior Advisor at EQT and former CEO of Global Blue) and Carl Setterberg (former CFO at H&M Tech). This backing enables Indivd to accelerate its expansion and prepare for a larger funding round in the future
“After nearly 20 years in retail, I know how challenging it is for stores to understand customer movement and behavior within the store,” says Carl Setterberg. “Indivd has found a solution to this problem, something that was previously only possible online. They use AI in a smart and innovative way to tackle a real issue. With their competent team, I am confident they can make a significant impact in the industry,” Carl Setterberg continues.
Despite being on the market for only a year, Indivd already has customers in Europe, Asia, the Middle East, and the United States. They stand out with technology that provides stores and shopping centers with better insights than any other solution while respecting customer privacy.
“Our technology delivers reliable and real data, which is critical for stores to make informed decisions. For stores and malls, visitor data is vital because it influences investments and sales,” says Victor Molén, CEO of Indivd.
Indivd has analyzed over 200,000 visits and discovered that traditional systems using 3D cameras often have significant errors. In one example, a competitor counted around 9,000 visitors at an entrance, while Indivd’s system, with 99.26% accuracy, registered only 400 visits.
“Would an error margin of over 2000% be acceptable in any other industry?” Victor asks.
In addition to reducing costs by more than 60%, Indivd helps stores and malls better plan their sales, marketing, staffing, and customer experiences in ways that were previously impossible. Their patented technology also ensures the system is secure and GDPR-compliant.
“We empower our customers to understand and utilize their visitor data in new ways,” concludes Victor Molén.
