Indoor Atlas Ltd., which is developing technology that utilizes magnetic anomalies inside buildings and smartphones in order to accurately pinpoint positions indoors., recently closed a 500,000 euro ($642,000) seed round. Mobility Ventures participated in the round. The Finland-based startup was founded in 2012 as a spin-off from the University of Oulu, Finland.
Mobility Ventures, a leading global venture capital firm in wireless, today announced an investment in a new disruptive indoor positioning and mapping technology company called Indoor Atlas Ltd. which is the world’s first company to utilize magnetic anomalies inside buildings and smartphones to accurately pinpoint positions indoors. The Finland-based startup was founded in 2012 as a spin-off from the University of Oulu, Finland.
“In the area of indoor navigation, Indoor Atlas has developed a sustainable competitive technical advantage based on unique technology. Leveraging from this, Indoor Atlas is in a strong position to establish a leadership position in the emerging market of mobile indoor positioning and navigation”
“Indoor positioning is the next frontier for location-based services, offering a plethora of diverse applications and the ability of providing rich contextual information about people and objects that can prove to be very valuable when combined with ‘big data’ kinds of analytics presenting enticing advertising and branding possibilities which could revolutionize retail marketing,” says Roman Kikta, Managing Partner, Mobility Ventures. “Our investment in Indoor Atlas represents our strategic commitment to identifying and investing in disruptive innovations which empower today’s digital lifestyles.”
“With the rapidly growing location-based services market, more and more companies are interested in integrating indoor positioning and navigation capabilities into their products,” states David Sym-Smith, Partner, Mobility Ventures. “Apart from by improving the ability to analyze customer behavior and influence it with quick calls to action to increase sales, universities could allow students to chart classrooms, hospitals could streamline the movement of patients, and organizations & governments can track movement of people for convenience and safety purposes.”
Indoor Atlas’ Founder & CEO Dr. Janne Haverinen, Ph.D., states, “Moving consumers from point A to point B can be a challenge in itself as GPS requires satellite line of sight and doesn’t work indoors. Indoor Atlas employs the smartphone’s built-in magnetic field sensor; magnetic signatures are collected inside buildings. These signatures displayed unique patterns which Indoor Atlas analyzes resulting in an indoor navigation positioning and navigation solution that radically improves navigation capabilities in environments where GPS and Wi-Fi systems are unavailable.” For more information visit: www.indooratlas.com
“In the area of indoor navigation, Indoor Atlas has developed a sustainable competitive technical advantage based on unique technology. Leveraging from this, Indoor Atlas is in a strong position to establish a leadership position in the emerging market of mobile indoor positioning and navigation,” states Lothar Pauly, Managing Partner-Europe, Mobility Ventures.
About Mobility Ventures
Mobility Ventures is a leading wireless venture capital firm with a global team possessing an unparalleled combination of domain focus, technical & market expertise, global operational and venture investment experiences to identify, invest and help build industry dominating companies. Mobility Ventures focuses on companies across the wireless ecosystem and provides both investment capital and critical strategic management support needed for business and financial success.