Indoor location company Oriient has announced an $11 million Series A funding round, which was led by venture capital equity platform OurCrowd. Other participating companies include Regal Four, F2 Venture Capital, NGN Partners, and Future Energy Ventures to bring total funding to $16 million.
Tel Aviv-based Oriient says the new funding will help scale its indoor positioning technology to tens of thousands of locations, open new verticals and drive global sales. The company is tailoring its solutions to retailers, who can enable in-store navigation, proximity marketing and foot traffic analytics.
The company recently announced two partnerships, including one with grocery delivery giant Instacart, whose shoppers will use in-store navigation powered by Oriient. The other partnership is with Google, which makes Oriient indoor location services available on the Google Cloud‘s Marketplace as an SDK for retailers’ mobile apps, the company said.
Founded in 2017, the 35-person company uses algorithms that use Earth’s magnetic field, smartphone readings and AI to pinpoint users inside buildings—without the need for any installed hardware.
“When we set out to build Oriient, our vision was to create the world’s first truly software-only indoor location solution. Thanks to previous funding, we were able to deliver on this promise and commercialize the technology,” says Mickey Balter, the company’s CEO and co-founder, in a statement.
Contact: Oriient, www.oriient.me.
