GiPSTech, an Italian developer of solutions for indoor positioning/localization/navigation based on geomagnetic field, raised €200k in angel funding.
A group of members of Italian Angels for Growth (IAG) including Massimo Vanzi made the investment.
The company intends to use the funds to complete the development of the platform and test it with early adopters in different sectors.
Created in collaboration with Università della Calabria, GiPStech (Geo Indoor Positioning Systems and Technologies) develops technology which allows reliable positioning indoor, generating a function similar to GPS where it does not work. It leverages sensors available in smartphones and geomagnetism, and orientation of external navigation systems to enable new consumer and business services by monitoring how objects move and analyzing data collected in several sectors (commerce, transports, health, culture, manufacturing).
Led by Gaetano D’Aquila, CEO, and Matteo Faggin, the company won Techcrunch Italy 2013 and also received a grant from Working Capital Telecom Italia.