The COVID-19 pandemic crisis has increased the demand for the integration of location-based technologies and other sectors, several companies are trying to bring about numerous ways to safely reopen factories, sports stadiums, construction sites, and offices. Helsinki-based Quuppa is one such startup that helps combat the spread of viruses via its applications for contact tracing, social distancing, and process monitoring.
Raises €20M funding
The real-time location tracking startup Quuppa secured its first-ever funding of €20 million led by Finnish private equity fund Bocap, which focuses on fast-growing small and medium-sized enterprises and Tech Consulting Group TCG Oy with good experience and track record of helping Finnish tech companies grow in the global market.
To date, Quuppa has enjoyed revenue of €10 million. With the investment, it looks like the company intends to use the raised funds by taking a huge leap into the global markets.
“With the new investment, we are able to scale up our services, support our global partner network better and further develop our technology and services. Our aim is to grow from €10 million to €100 million in five years and establish our position as a market leader”, said Kimmo Kalliola, CEO and Founding Partner of Quuppa.
“Bocap is very excited about Quuppa. The company perfectly matches our focus on ambitious entrepreneurs looking for significant global growth on a profitable basis within a horizon of 3 to 5 years”, said Vilma Torstila, Partner of Bocap.
“We are thrilled about the various use cases of Quuppa’s indoor positioning platform. If the system can track a hockey puck flying over 100 mph in real-time it shows how robust the technology is,” said Risto Virkkala from TCG.
Quuppa: A heads-up!
Founded in 2012 by Antti Kainulainen, Fabio Belloni and Kimmo Kalliola, Quuppa’s ‘Intelligent Locating System’ lets customers across industries to accurately and reliably locate Bluetooth-enabled devices. Its unique methodology and positioning algorithms pace the way for real-time tracking with high levels of accuracy.
Its technology is used in several vertical markets such as manufacturing, healthcare, smart buildings and sports. The location tracking system has improved the production and operational efficiency in various factories and warehouses globally.
Already, Quuppa has deployed over 2000 location-based service solutions and has over 170 partners across the world. Besides Finland, Quuppa has offices in the United States, China, Australia and the United Arab Emirates.
“Quuppa’s technology not only improves the efficiency of smart factories and buildings but also improves the life of ordinary people as we have seen in hospitals, elderly care, and in the fight against Covid-19”, said CEO Kimmo Kalliola.
Main image picture credits: Quuppa