Cambridge, UK-based FocalPoint, a company that develops next-generation navigation and positioning software for smartphones, wearables and autonomous vehicles, announced on Thursday, September 8, that it has raised £23M (approximately €26.48M) in a Series C round of funding.
FocalPoint’s CEO, Scott Pomerantz, says, “This injection of capital will enable us to move faster to meet the demands of several big customers in the US and South East Asia and to accelerate our IP portfolio growth.”
Investors in this round
The round was co-led by Molten Ventures and Gresham House.
David Cummings, Partner at Molten Ventures, says, “Existing GPS technologies are no longer fit for purpose and we’re proud to continue our support for FocalPoint in its mission to revolutionise the accuracy of GPS and other global navigation satellite systems and in doing so, solve the issues faced by business and consumers with imprecise and unsafe receivers.”