Finland-based magnetic mapping technology company IndoorAtlas has raised $10m in series A funding from China-based search engine Baidu.
IndoorAtlas produces indoor location software which uses the earth’s geomagnetic field and the compass in a smartphone to pinpoint a person’s location to within two metres.
The investment will give Baidu exclusive access to IndoorAtlas’ positioning technology in China, and give IndoorAtlas access to over one billion customers.
The additional capital will be used for research and development, and engineering and business development in Asia, Europe and the US.
In June, the company raised $4.5m in seed funding from Mobility ventures and KoppiCatch.
Founded in 2012, IndoorAtlas is a spin-off from research conduced at the University of Oulu.