AI tech startup Indivd bags $1.4 million in funding to help retailers better understand their customers
Swedish startup Indivd, which has developed technology for footfall analysis and visitor insights, has raised $1.4 million.
The investment comes from both existing owners 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).
The cash will be used to accelerate growth and prepare for a larger funding round next year.
"After nearly 20 years in retail, I know how challenging it is for stores to understand customer movement and in-store behaviours. Indivd has found a solution to this problem, something that was previously only possible online," says Setterberg.
"They are using AI in a smart and innovative way to solve a real issue. With their competent team, I'm convinced they can make a significant impact in the industry."
Indivd has been on the market for a year and has customers in Europe, Asia, the Middle East, and the United States.
"Our technology delivers reliable and real data that is crucial for retailers and malls to make the right decisions," says CEO Victor Molén. “For retailers and malls, visitor information is highly important as it affects investments and sales.”
The company has analysed over 200,000 visits and says that traditional systems with 3D cameras often have significant errors, unlike its offering, which uses 2D cameras and proprietary AI models. In one example, a competitor counted approximately 9,000 visitors at an entrance, while Indivd's system, with 99.26% accuracy, registered only 400 visits.
"Would an error of over 2,000% be accepted in any other industry?" asks Molén. In addition to reducing costs, Indivd helps retailers and malls better plan their sales, marketing, staffing, and customer experience. Its patented technology also makes the system secure and GDPR compliant.
"We give our customers the ability to understand and utilise their visitor data in new ways," says Molén.
2024 RTIH INNOVATION AWARDS
Startups are a key focus area for the sixth edition of the RTIH Innovation Awards, which are now closed for entries.
The awards, sponsored by Vista Technology Support, Scala, CADS, 3D Cloud, Brightpearl by Sage’s Lightning 50, Business France, and Retail Technology Show 2025, celebrate global tech innovation in a fast moving omnichannel world.
Key 2024 dates
Friday, 25th October: Award entry deadline
Tuesday, 29th October: 2024 shortlist revealed
30th October-6th November: Judging days
Thursday, 21st November: Winners announced at the 2024 RTIH Innovation Awards ceremony, to be held at RIBA’s 66 Portland Place HQ in Central London.
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