Qubulus, a Malmö, Sweden-based Indoor Positioning company, has closed a funding of undisclosed amount.
The round was led by angel investor Jean Pierre Payat, with participation from Swedish government backed investment fund Innovationsbron and existing shareholders including IT consultancy company Jayway, retail re-development company Reteam and the management.
The company intends to use the funding to accelerate market penetration.
Led by founder and newly appointed CEO Frank Schuil, Qubulus provides a positioning platform for smartphones where GPS does not work (inside malls, airports, event areas and other indoor areas). Application areas include navigation, location-based gaming, point-of-sale applications, augmented reality and enterprise solutions.
In conjunction with the funding, Jean Pierre Payat has joined the company’s board.