Quuppa announced securing €20 million from Bocap and TCG.

Quuppa, an Espoo, Finland-based developer of intelligent locating systems, announced completing a €20 million ($23.6M) capital investment round.

The round, which is the first external one in company's history, was backed by investors from FInland, including professional investor Bocap and strategic backer Tech Consulting Group TCG Oy (TCG).

The proceeds will be used to expand the company's business on global basis.

Quuppa, founded in 2012 by the team responsible for the invention of the High Accuracy Indoor Positioning (HAIP) at the Nokia Research Center and led by CEO Kimmo Kalliola, developed an Intelligent Locating System helping customers in a variety of industries to accurately and reliably locate Bluetooth-enabled devices.

The tech's methodology and positioning algorithms enable real-time tracking with centimetre-level accuracy, and is used in several vertical markets, including manufacturing, healthcare, smart buildings and even in sports.

The company brings in a yearly turnover of €10 million, as it deployed its products in more than 2 000 location-based service solutions and has over 170 partners worldwide. In addition to Finland, Quuppa has offices in the United States, China, Australia and the United Arab Emirates.