Quuppa, an Espoo, Finland-based provider of Real-Time Locating Systems (RTLS), raised its first round of funding, worth €20m.
Backers included Bocap and Tech Consulting Group TCG Oy (TCG).
The company is using the funds to go global.
Led by Kimmo Kalliola, CEO and Founding Partner, Quuppa provides an Intelligent Locating System that enables customers in a variety of industries to locate Bluetooth-enabled devices. Its methodology and positioning algorithms enable real-time tracking with centimetre-level accuracy. The technology is used in several vertical markets, including manufacturing, healthcare, smart buildings and in sports. The location tracking system has improved the production and operational efficiency in many factories and warehouses globally.
The company has already deployed more than 2 000 location-based service solutions and has over 170 partners worldwide. In addition to Finland, the company has offices in the United States, China, Australia and the United Arab Emirates.
Since its establishment in 2012,Quuppa has grown, reaching a revenue of €10m. Now, their aim is to grow from €10m to €100m in five years and establish their position as a market leader.