Nestwave, a Paris, France-based provider of advanced geolocation solutions for the IoT market, closed a €2.0m financing round.
The round was led by The Faktory and Sofimac Innovation.
The company intends to use the funds to carry out its product innovation strategy, to accelerate the development and intensify commercial deployment.
Founded in 2014 by Rabih Chrabieh, CEO, Nestwave has developed a DSP software solution that allows modem providers in the IoT market (LTE cat M1, NB-IoT, LoRa or Sigfox) to offer an accurate geolocation solution integrated within their platform. Based on 10 patents issued and pending, the Nestwave Global Navigation Satellite System (GNSS) solution improves accuracy in urban canyon environments, increases indoor coverage, and reduces power consumption as compared to existing solutions.