IndoorAtlas closes €3.6M Series B investment in a strategic round led by Yahoo! Japan.
IndoorAtlas, an Oulu, Finland-based company provider of indoor positioning technology, announced closing a series B investment round totalling about €3.6M ($4.3M). The money comes from Yahoo! Japan, as well as from existing investors, Takoa and Innovestor Ventures.
IndoorAtlas, founded in 2012 and led by CEO Erik Piehl, developed a global Platform-as-a-Service for geomagnetic indoor positioning.
Its hybrid technology utilizes the built-in sensors in smartphones to detect anomalies in the Earth’s magnetic field to pinpoint a location indoors and provides to thousands of developers with a scalable cloud platform to build location-based services without the need to purchase, install and maintain large amounts of costly infrastructures.
Prior to this deal, Indoor Atlas raised about $18M in equity funding.