Sewio Networks, a Brno, Czech Republic-based provider of indoor positioning technology, raised $1m in its first round of venture capital funding.
The round was led by Y Soft Ventures, the venture capital arm of Y Soft Corporation. In addition to funding, Y Soft Ventures will also provide manufacturing, global distribution and logistics, marketing and HR support.
Led by Milan Simek, CEO, Sewio Networks focuses on providing precise indoor positioning applying radio technology which can substitute current GPS systems in areas where existing precision or coverage is not sufficient.
Sewio products are used in a wide range of industries including automotive, warehousing and logistics, entertainment, retail, mining and healthcare.