Oriient, A Tel Aviv, Israel-based provider of an advanced indoor positioning solution, raised $11m in Series A funding.
The round, which brought total funding raised to date to $16m, was led by OurCrowd, Regal Four (a Beren family venture entity), F2 Venture Capital, NGN Partners, and Future Energy Ventures.
The company intends to use the funds to scale implementation to tens of thousands of locations, open new verticals, and drive global sales.
Led by Mickey Balter, CEO, Oriient provides an advanced indoor positioning solution for physical spaces, which supports a wide array of business use cases including global retailers, delivery services, and smart buildings to deliver incremental revenue through indoor navigation and proximity marketing, cost reduction of fulfillment, security enhancements, and increased efficiency of physical environments.
Founded in 2017, the 35-person company has perfected its proprietary algorithms that use Earth’s magnetic field, smartphone readings and AI to accurately pinpoint any user inside a building, without the need to install any hardware. Oriient’s patented technology integrates directly with a business’s mobile app, harnessing existing sensors in every smartphone to deliver hyper-accurate positioning to within 3 feet/1 meter with no hardware installation required.
The company recently announced two new partnerships 1) with grocery delivery giant Instacart to power in-store navigation used by shoppers at hundreds of stores in North America and 2) Google, which makes Oriient indoor location services available on Google Cloud’s Marketplace as an SDK for retailers’ mobile apps.