US-based microlocation system developer Humatics has raised $28m in series A1 funding from investors including industrial technology producer Johnson Controls, conglomerate Sumitomo, defence equipment provider Lockheed Martin and aerospace group Airbus.
The round was led by Tenfore Holdings and included fellow VC firms Fontinalis Partners and Blackhorn Ventures. The corporates invested through subsidiaries JCI Ventures, Presidio Ventures, Lockheed Martin Ventures and Airbus Ventures respectively.
Silicon Valley Bank supplied an undisclosed amount of debt financing as part of the round. Dan Levine, managing partner at Tenfore, has joined Humatics’ board of directors.
Humatics is developing software and hardware products that will be used in industrial environments, construction projects, autonomous vehicles and smart city systems to locate and track multiple surrounding targets.
The series A1 capital will be used to scale manufacturing of the company’s products as it prepares to expand into other areas, such as warehousing and manufacturing.
David Mindell co-founder and chief executive of Humatics, said: “I am proud of our team’s incredible milestones this past year. With this new financing, we will address the best problem a growing company can face: overwhelming customer demand.
“Our customers need microlocation deployed like wifi as a facility-wide service, and hunger for the ‘virtual grid’ of precise location services that our Spatial Intelligence Platform provides.”
The round follows an $18m series A in September 2017 backed by Airbus Ventures, Lockheed Martin Ventures, Presidio Ventures and Intact Ventures, a subsidiary of insurance provider Intact Financial Corporation.
Fontinalis Partners led the 2017 round, which also featured Tectonic Ventures, Blue Ivy Ventures and private investors Ray Stata and Andy Youmans.