Swift Navigation, a US-based developer of GPS technology for self-driving cars, has received $11m in series A funding from a consortium featuring Qualcomm Ventures, wireless communications technology developer Qualcomm’s investment unit.
The round was led by Eclipse Ventures, a $125m hardware fund managed by venture firm Formation 8 and backed by supply chain management company Flextronics.
New Enterprise Associates, Promus Ventures, First Round Capital, Felicis Ventures, Fall Line Capital and incubator Lemnos Labs also participated in the round.
Swift Navigation’s technology maps GPS locations that are accurate within centimetres, and has potential applications in autonomous cars, drones, agriculture and consumer robotics.
The cash will go towards recruitment, engineering and research and development. Swift also hopes to introduce two new products in 2016.
Qualcomm Ventures supported a $2.6m seed round for Swift in August 2014 that was led by First Round Capital, with participation from Fall Line Capital, Felicis Ventures, Kal Vepuri, Lemnos Labs and VegasTechFund.
Tim Harris, CEO of Swift Navigation, said: “This is not your cell phone’s GPS, which is accurate to about 10 feet. That is good enough if you are looking for a restaurant, but does not come close to helping autonomous vehicles navigate the world.
“With our centimetre-accurate GPS, a car knows what lane it is in, a tractor knows what row it is in, and a drone can drop the package on your doorstep, not in your neighbour’s pool.”