Nestwave announced that it has secured a €2.4 million round of financing from the European Innovation Council, the European Commission’s newly established venture capital fund, and from current investors Sofimac Innovation (Paris, France) and The Faktory Fund (Liege, Belgium).
The new financing round will enable Nestwave to further accelerate the rollout of its hybrid-signal global navigation satellite system (GNSS) and cellular positioning technologies.
“We are grateful for the support from the European Innovation Council who, together with our current investors Sofimac and The Faktory Fund, believe in and continue to back our vision for making location accessible to low-power IoT devices,” said Ambroise Popper, CEO of Nestwave.
“This new round of financing will enable us to accelerate the pace of our technology innovation, product development and commercial deployment of positioning solutions for IoT applications.”
Nestwave’s geolocation solution enables IoT modem chip makers and DSP partners to implement low-power, cost-effective geolocation for asset tracking, personal trackers and a wide range of new IoT applications.
Purpose-built for the IoT, the Nestwave solution reduces power consumption significantly compared to traditional GNSS offerings while eliminating the need for a dedicated positioning chipset.
“Nestwave is very well positioned to capitalize on the growing nexus of geolocation and IoT technologies,” said Martin Bruncko, EIC Fund Investment Committee member.
“This new round of funding for Nestwave will support the momentum for its unique, low-energy and high precision technology targeting applications in areas such as asset tracking, logistics and transportation.”
Nestwave has developed a DSP software solution that enables modem providers in the IoT market (supporting LTE cat M1, NB-IoT, LoRa or Sigfox) to offer a cost-effective, accurate geolocation solution integrated within their platform.
Based on more than 10 patents issued and pending, the Nestwave solution improves accuracy in urban canyon environments, increases indoor coverage, and reduces power consumption as compared to existing geolocation solutions.
“Nestwave is opening new opportunities in the IoT and cloud services market by eliminating the need for dedicated positioning chipsets, improving accuracy and reducing power dissipation,” said Simon Alexandre, general manager and partner, The Faktory Fund.
“Led by a team of successful entrepreneurs and geolocation experts, Nestwave has created innovative low-power positioning technology that helps chipset and product makers develop and bring to market new and innovative solutions for IoT geolocation,” said Nicolas Boulay, senior partner, Sofimac Innovation.
“Nestwave is a gamechanger in the geolocation market and for larger IOT deployments.”