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LBS Software Developer Secures Initial Investment Funding

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The indoor location based services software firm, Indoor Atlas has secured an investment of EUR500,000 from the venture capital investors, Mobility Ventures.

The company has developed a technique that utilizes magnetic anomalies inside buildings and smartphones to accurately pinpoint positions indoors. The Finland-based start-up was founded in 2012 as a spin-off from the University of Oulu.

"With the rapidly growing location-based services market, more and more companies are interested in integrating indoor positioning and navigation capabilities into their products", states David Sym-Smith, Partner, Mobility Ventures.

Indoor Atlas' Founder & CEO Dr. Janne Haverinen, Ph.D. states: "Moving consumers from point A to point B can be a challenge in itself as GPS requires satellite line of sight and doesn't work indoors. Indoor Atlas employs the smartphone's built-in magnetic field sensor and magnetic signatures are collected inside buildings. These signatures display unique patterns which Indoor Atlas analyzes resulting in an indoor navigation positioning and navigation solution that radically improves navigation capabilities in environments where GPS and Wi-Fi systems are unavailable".

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Tags: indoor atlas  mobility ventures  location based services  Finland