News 10 Jun 2022
Indivd secures investment to accelerate the development
Indivd, which has developed a unique AI technology for facial anonymization (anonymized facial recognition), has now secured funding to cope with the coming year and to prepare for an international upscaling. Behind venture capital is an investor group led by the Stockholm-based investor Martin Roos.
Indivd have been preparing for this funding the past year.
“We have been very selective and have long sought for the right people for our first round, and we are happy to get these three committed investors involved in our project. They will, in addition to venture capital, contribute positively to our development with rich experience. We will now, together with them, continue the work of commercializing the company, ”says Victor Molén, CEO at Indivd.
There is extensive and broad international experience in corporate finance, finance, investor relations, financial communication and board work in listed companies within the current investor group.
Martin Roos also has extensive experience of physical commerce after 20 years in the telecommunications industry. He has spent the last five years as CEO of telecom operators with approximately ten billion SEK in sales.
“We are really looking forward to being part of this exciting global journey, and we will actively participate in Indivds continued positive development,” he explains.
Martin Roos had, in his most recent CEO job, 500 stores under his own management.
“We faced many of the challenges and opportunities in advanced data analytics that Indivd Anonymizer will help to solve. It will be crucial, in the near future, for physical retailers to be able to gather advanced information in order to gain a better understanding of visitors behaviors and, based on this, increase awareness and knowledge to make better and more precise decisions, ”he says.
Indivd will now apply for an independent audit from The Swedish Data Protection Agency to obtain approval to use the unique technology, which does not process biometric data or save personal data. The technology will then be tested in a number of stores and department stores, once The Swedish Data Protection Authority has given the go ahead. A large number of Sweden's leading retail chains are following the progress with great interest. Once the business cases are completed, Indivd will start the process of commercialization and rapid international upscaling.
"We have great hopes that Sweden will be able to take the lead in privacy innovations and anonymized data collection. That could lead to the opportunity to create many new, high-quality jobs. We also hope that The Swedish Data Protection Authority supports this ambition with a quick and constructive audit, ”says Martin Roos.