IndoorAtlas, an Oulu, Finland and Palo Alto CA-based developer of indoor positioning technology, raised €3.6m in Series B equity funding.
The round was led by Yahoo! Japan, with participation from existing shareholders Takoa Invest and Innovestor Ventures. In conjunction with the funding, Kazuhiro Ninomiya (Yahoo! Japan) will be joining the IndoorAtlas board.
The company intends to use the funds to advance and further commercialize its sensor fusion positioning technology.
Led by Erik Piehl, CEO, IndoorAtlas provides a SaaS based geomagnetic indoor positioning technology which utilizes the built-in sensors in smartphones to detect anomalies in the Earth’s magnetic field to pinpoint a location indoors.
Its cloud platform enables developers to build location-based services without the need to purchase, install and maintain infrastructures. It supports both Android and iOS, and customers can utilize the provided geoinformation to build indoor location-based services, such as proximity advertising, search and way-finding, within their application.
The new board of directors of the company includes:
– Chairman Jari Sonninen (Takoa Invest),
– Dongmin Li (Baidu),
– Harry Santamäki (Koppicatch),
– Kazuhiro Ninomiya (Yahoo! Japan) and
– Janne Haverinen (Founder of IndoorAtlas).