August 1, 2020
Cisco has announced the acquisition of Modcam, a privately-held video analytics company based in Malmӧ, Sweden that turns networked cameras into “smart” cameras. FLG partner Kenton Chow has served on Modcam’s board for the past 3 years.
Modcam will become part of Cisco’s Meraki MV smart camera business. Modcam’s video analytics capabilities supports multiple business applications stemming from its cross-camera data capture and powerful analytics leveraging cloud-managed cameras.
Businesses including retailers evaluating customer shopping behavior, from interest in product types to check out wait times, and space planners measuring room occupancy and usage, among others, have used Modcam’s technology including companies in the U.S., E.U., and Asia in big-box retail locations and multinational office environments. Customers report increased retail sales, improved staff and space utilization, and optimized real estate expenses.
Cisco Meraki MV smart camera capabilities already include motion detection and machine learning-based object detection but these analytics are constrained to a single camera’s view of the world. With Modcam’s technology, these capabilities will expand to enable micro-level information to be compiled together, allowing multiple cameras to provide a macro-level view of real world events, behavior and transactions.
Financial terms of the deal were not disclosed.
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