INSITEO RAISES € 3.5M OF VENTURE CAPITAL FINANCING AND LAUNCHES INTERNATIONAL GROWTH EFFORTS
INSITEO, the world’s first high precision indoor location-based solutions, has successfully raised a second round of financing of € 3.5 million from investors Innovacom, Creathor Venture and Emertec.
"We are very pleased to have raised new capital from such an accomplished pool of European investors. We now have additional resources to keep up with the strong demand for our technology and expand our commercial presence worldwide", says CEO and co-Founder, Arnaud Masson.
INSITEO effectively solves the key technical challenges with GPS/GNSS, namely low indoor signal strength, accuracy and incompatibility. Using patented algorithms, indoor geolocation networks of high accuracy and reliability are created and intercommunicate with applications, which are compatible with most smartphones on the market. These applications are tailored for site owners and managers and are interactive, have embedded location-based capabilities on site maps, push content and bundle geomarketing services.
With indoor geolocation services, visitors can effortlessly locate themselves, be guided directly to points of interest and find people around them. Advertising dollars are more targeted and better timed as it ensures that users of location based services are physically near a point of sale or inside the store when receiving an ad. Moreover, any adversity to isolated employees in high-risk areas can be greatly reduced with location-based alarms.
The INSITEO technology is particularly useful in sites with high traffic density, many points of interest and sales, or even high- risk areas for employees. The versatility and scalability of the solution, brought by compatibility with existing WiFi infrastructure, and broad range of services (e.g. geofencing, audio-guides, alarm systems, data mining), allow it be invaluable to many market segments and used for both commercial, safety and cultural reasons. To date it has been successfully implemented in major events organized in France, such as the Paris Motor Show, Equipbaie and Expoprotection (the three from Reed Exhibitions), in large industrial sites, and airports, while the company has advanced discussions with large shopping venues, retailers and marketing research firms.
INSITEO is currently building its commercial presence in the UK, US, Germany, Asia and other markets. It is also providing new functionalities and services that enhance the value proposition of its solutions to all stakeholders and facilitate the integration with external application development. "We are ahead of the technology curve. In about two years we should achieve precision levels under 1 metre," says CTO and co-Founder Marc Nedelec.
About
INSITEO is the world’s first provider of high precision indoor location-based solutions. It is a full-service provider: delivering bespoke mobile applications with embedded location-based services, data mining and support services. The management team has strong industry, product and commercial experience in wireless technologies and is backed by a consortium of world-renowned capital investors Innovacom, Creathor Venture, Emertec, as well as business angels, including Anne-Sophie Pastel (founder of aufeminin.com).
The Company won the 2008 Special Prize from the European Space Agency and the 2011 SFR Entrepreneurship Prize. INSITEO is headquartered in Toulouse (France) and has commercial offices in France, UK, US, Germany, the Netherlands, Malaysia and Thailand.
For more information, visit http://www.insiteo.com.