Nestwave, a Paris, France-based provider of low-power geolocation IP and cloud services for Internet of Things (IoT) applications, secured a €2.4m round of financing.
Backers included the European Innovation Council, the European Commission’s newly established venture capital fund, and current investors Sofimac Innovation (Paris, France) and The Faktory Fund (Liege, Belgium).
The company intends to use the funds to further accelerate the rollout of its hybrid-signal global navigation satellite system (GNSS) and cellular positioning technologies.
Led by Ambroise Popper, CEO, Nestwave provides a geolocation solution that enables IoT modem chip makers and DSP partners to implement low-power, cost-effective geolocation for asset tracking, personal trackers and a wide range of new IoT applications.
Based on more than 10 patents issued and pending, Nestwave has developed a DSP software solution that enables modem providers in the IoT market (supporting LTE cat M1, NB-IoT, LoRa or Sigfox) to offer an accurate geolocation solution integrated within their platform.