Waymap, a London, UK-based technology company offering a navigation app that works outdoors, indoors and deep underground, raised £7M in funding.
The round was led by TELUS Pollinator Fund for Good with participation from Venrex and Comprador Holdings.
The company intends to continue to expand internationally, growing the presence of mapped areas in Asia Pacific and the Middle East, and to consolidate its current presence in North America and Europe.
Led by CEO and Founder Dr. Tom Pey, Waymap offers a precise navigation app which works indoors, outdoors and underground. Independent of GPS, WiFi or Mobile Data, the navigation is based solely on an algorithm, SmartStep, which uses only the motion sensors on a smartphone and the user’s steps. Initially designed to enhance the lives of blind users, its utility extends to all. With accuracy up to 1 metre, the technology surpasses others, facilitating navigation around transit networks and busy shopping centres, adapting to users’ habits. Additionally, the location technology offers broader applications: its probability-based location finding will have use across all areas of smart city living, and for any company or individual looking to accurately pinpoint precise location.
FinSMEs
09/04/2024