IndoorAtlas, a Mountain View, CA- and Oulu, Finland-based provider of magnetic positioning technology for indoor location, received a $10m investment from Baidu, a Chinese search engine.
The company will be using the funding towards ramping up R&D, engineering and business development in the US, Asia, and Europe.
IndoorAtlas and Baidu also signed an agreement for the Chinese market with Baidu. Through this partnership, Baidu intends to strengthen its indoor mapping offering with technology that will be unique in China.
Founded in 2012 by Professor Janne Haverinen and four PhDs in computer science, as a spin-off from research conducted at the University of Oulu, IndoorAtlas has developed magnetic positioning technology for indoor location, which uses earth’s geomagnetic field to pinpoint the exact location inside a building with an accuracy of two meters and help users navigate through indoor spaces without any additional infrastructure.
FinSMEs
04/09/2014