Oriient, a Tel Aviv, Israel-based developer of high-performance indoor GPS, closed a $4m seed funding round.
– F2 Capital, and
– innogy Innovation Hub, the accelerator and venture capital arm of innogy SE, a German energy company.
The company intends to use the funds to continue to expand operations.
Led by Mickey Balter, Founder and CEO, Oriient provides enterprise level businesses including retailers, airports, malls and wholesalers, with the ability to allow their customers to navigate large areas and locate items with pin-point accuracy. The solution requires no installation nor hardware. Instead of using beacons or WiFi, it is based on Earth’s magnetic field and users’ smartphones.
The company is already working with large retailers.