IndoorAtlas gets US $10 mn investment from Baidu

IndoorAtlas gets US $10 mn investment from Baidu

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China: IndoorAtlas, developer of magnetic positioning technology for indoor location, has received a $10 million investment from Baidu, a leading Chinese search engine. Baidu has also signed also signed an exclusive agreement with the indoor positioning technology company to strengthen its indoor mapping offering in China.

IndoorAtlas uses earth’s geomagnetic field to pinpoint the exact location inside a building with an accuracy of two meters. Baidu highlighted the first IndoorAtlas solution customised for the Baidu Maps app at its annual Baidu World conference, held in Beijing on September 3, 2014

Professor Janne Haverinen, Founder & CEO of IndoorAtlas, said, “With this partnership, we now have access to over 1.34 billion potential subscribers at one go. We see this as a huge opportunity not just to make a mark in Asia, but globally, and to make indoor location services ubiquitous and available to everyone.”

The company will be using the funding towards ramping up R&D, engineering and business development in the US, Asia, and Europe.

Inka Mero, Chairperson, IndoorAtlas and Co-Founder and Chairperson of Koppicatch, who had played a key role in the growth and expansion of IndoorAtlas in Europe and US since its inception, led the discussions with Baidu for this funding round. “This represents an infusion of funds to aggressively continue our growth in the US and also gives us a unique opportunity to make quick inroads into Asia, specifically the Chinese market, which in many ways is leading the way for indoor location based services,” she told media.

Source: Baidu Baidu