UK company FocalPoint closed a multi-round Series C funding round that raised up to £23 million. The funding was co-led by Gresham House and Molten Ventures, which also invested in Altruistiq and CoachHub. FocalPoint provides next-gen positioning solutions for vehicles, mobiles and wearables.
FocalPoint recently announced that it received investment from the European Space Agency. It previously stated that the funds would be used to create a live demonstration and rapid prototyping system. This would allow them to speed up their work in the automotive and mobile sectors.
Aggressive Growth Plans
FocalPoint plans to use the funding they received to further their mission of improving the accuracy of GPS and other global navigation satellite systems. They also intend to grow their customer support operations in order to meet the demand from equipment and chipset manufacturers. Additionally, FocalPoint intends to grow their R&D teams and pursue opportunities in other radio technologies, such as 5G and WiFi.
Scott Pomerantz, CEO of FocalPoint, stated that he was pleased with the confidence investors had shown in the company. He added that this funding would allow them to grow their intellectual property portfolio and work on several large contracts from US and Southeast Asian customers. Pomerantz continued by saying that this investment would also allow them to accelerate development and meet the demands of their customers.
The company FocalPoint was founded by CTO Ramsey Faragher; it is president and founder. He said, “It’s been amazing to grow a company from an idea in my head to a world-class GNSS provider. As we add more GNSS customers and partners to our list, I look forward to developing further intellectual property to enter other radio technologies and larger markets.”
Aims To Improve Positioning Solutions
FocalPoint was created by Dr. Ramsey Faragher in 2015 as a spinout of Cambridge University. Its purpose is to improve navigation placement and meet the needs of people and organizations.
The Supercorrelation software from FocalPoint makes possible a new kind of satellite positioning receiver. These receivers are capable of measuring the direction of incoming signals and provide more accurate location measurements in cities. These receivers can also ignore reflected signals and avoid ‘spoofed’ signals.
Criminals use fake satellite signals to dupe receivers and fool them into thinking a legitimate signal is being sent. Spoofing is a significant menace to both businesses and consumers; the threat grows as criminals become more resourceful. Additionally, the cost of technology needed for spoofing has decreased.
Supercorrelation technology detects fake signals and ignores them. It can also determine the location of signals that have been spoofed. Since it’s the only consumer-friendly product with these features, Supercorrelation technology is often touted as revolutionary.