SenionLab AB, a Linköping, Sweden-based provider of indoor position system (IPS) software, raised SEK15M ($1.8MUSD) in its first external financing round.
Venture capital firm SEB Venture Capital made the investment.
The company intends to use the funds to continue to grow the sales force, establish local presences in selected geographies and develop the product.
Founded in 2010 by Christian Lundquist, CEO, SenionLab has developed an indoor positioning system that works on any smartphone in all types of environments. The Linköping based LEAD incubator company has more than 250 installations in multiple verticals, including shopping malls, hospitals, and airports in 32 countries.