Nearbuy Systems, a Menlo Park, CA-based developer of solutions for the indoor “micro-location” market, has raised $1m in funding.
Investors include Motorola Solutions Venture Capital, Eric Schmidt’s Innovation Endeavors, and Metamorphic Ventures.
The company intends to use the funding to accelerate the development and deployment of Nearbuy System’s software into major retail stores.
Led by Co-Founder and CEO Bryan Wargo, Nearbuy Systems provides WiFi location solutions to retailers enabling location-based services. The company’s patent-pending technology delivers real-time location information within three feet of accuracy for people carrying any mobile device, using data from infrastructure that retailers already have in place.
Nearbuy’s solutions include:
– Nearbuy for Stores, which is designed to enable retailers to improve their customers’ shopping experience with location-aware apps and to capture new levels of shopper analytics;
– Nearbuy for Warehouses, which provides distribution center managers with micro-location solutions that aim to make the warehouse more efficient.