KTH foot scanner technology spinout Volumental has secured cash from Forward VC, Walerud Ventures and Moor Capital after previously closing a seed round in 2014.

Volumental, a Sweden-based 3D foot scanning technology developer spun out from KTH Royal Institute of Technology, has received $1.4m in capital from Forward VC, Walerud Ventures and Moor Capital.

Founded in 2012, Volumental markets a 3D foot scanner that helps consumers find customised shoes by comparing their measurements against an artificial intelligence-powered footwear recommendation database called Fit Engine.

Volumental claims between 85% and 95% of its customers proceed to purchase shoes, with product returns reduced by 25%. It has collected 1.5 million scans so far and is used by a range of footwear retailers.

The spinout will use the cash to embark on a recruitment drive, expanding its sales and marketing team to 15 people.

Three former PhD students at KTH – Alper Aydemir, Miroslav Kobetski and Rasmus Göransson – co-founded the company together with Caroline Walerud, a partner at Walerud Ventures and chief executive of Volumental until 2015.

Volumental raised Skr20m ($2.8m) in 2014 from Moor Capital and Founder.org.

Moritz Schiebold, chief executive of Volumental, said: “We should be talking about the transformation of retail, not the death of retail.

“The future of retail revolves around creating personalised, immersive experiences for customers in stores that transition to an omnichannel relationship. Shopping in store should be a delightful experience.

“To make sense for both consumer and retailer, retail technology solutions need to provide great user experiences and business value.”