Swedish AI start-up Indivd has raised SEK14m to develop technology the provides stores and shopping centres with better insights about their customers.

Despite being on the market for only a year, Indivd already has customers in Europe, Asia, Middle East and the USA. The technology delivers reliable and real data to help stores make informed decisions while respecting customer privacy.

“For stores and malls, visitor data are vital because they influence investments and sales,” said Victor Molén, CEO of Indivd.

Indivd has analysed more than 200,000 visits and discovered that traditional systems using 3D cameras often have significant errors. In one example, a competitor counted around 9000 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?” Molén asked.

In addition to reducing costs by more than 60%, Indivd (www.indivd.com) helps stores and malls better plan their sales, marketing, staffing and customer experiences in ways that were previously impossible. Its patented technology also ensures the system is secure and GDPR-compliant.

“We empower our customers to understand and utilise their visitor data in new ways,” said Molén.

The investment comes from 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 should help Indivd 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 behaviour within the store,” said 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.”