France: Nestwave has announced the close of a 2.0 million euro first round of financing by The Faktory (Liege, Belgium) and Sofimac Innovation (Paris, France).
“This fundraising will enable us to carry out our product innovation strategy, structure ourselves to accelerate our development and intensify our commercial deployment,” says Rabih Chrabieh, founder and CEO of Nestwave.
Founded in 2014, Nestwave has developed a DSP software solution that allows modem providers in the IoT market (LTE cat M1, NB-IoT, LoRa or Sigfox) to offer a cost-effective, accurate geolocation solution integrated within their platform. Based on 10 patents issued and pending, the Nestwave Global Navigation Satellite System (GNSS) solution improves accuracy in urban canyon environments, increases indoor coverage, and reduces power consumption as compared to existing solutions.
“We were very impressed by the unique skills developed within the Nestwave team and the superiority of their technology,” said Simon Alexandre, General Manager and Partner of The Faktory. “Led by a team of successful entrepreneurs and specialists of the geo-location market, Nestwave is ideally positioned to provide a cost-effective, geolocation solution for emerging IoT markets such as asset tracking or in smart cities,” added Nicolas Boulay, Senior Partner of Sofimac Innovation.