French start-up named Insiteo – Indoor positioning – secures initial funding valued at several million Euros
September 29th, 2009
GPS Business News: A French start-up named Insiteo and specializing in indoor positioning has concluded the initial phase of a founding round valued at several million Euros. Investment has been secured from venture capital firm Emertec and a small group of private investors, including Anne-Sophie Pastel, former CEO and co-founder of auFeminin.com, with the support of ACTA Finance.
“The increase in capital will enable us to equip our first clients, including a major site in Paris attracted by the benefits of the Insiteo solution,” said Arnaud Masson, President of Insiteo. “Ours is indeed a disruptive technology able to deliver to most existing phones a perfect continuity of location services in environments where GPS is unavailable, including commercial centers, tradeshows, and industrial sites,” Mr. Masson continued.
Insiteo’s technology is an infrastructure-based solution that combines A-GPS, WiFi, Bluetooth, and, in some cases, FM radio to provide indoor, sub three meter positioning. “We’ve identified sites where our clients place a sufficiently high value on being able to deliver location-based information that they can justify a modest investment in site-specific infrastructure”, explained Stuart Strickland, vice president at Insiteo. “Unlike many RTLS systems – which, in some respects, this approach resembles – we do not rely upon any customized user equipment, so anyone with a phone can essentially walk in and participate”, he added.
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