Oriient, a Tel Aviv, Israel-based provider of an advanced indoor positioning solution, raised $11m in Series A funding.
This round brought together $16m in total funding. It was led by OurCrowd (a Beren family venture entity), Regal Four, F2 Venture Capital and NGN Partners.
The funds will be used by the company to expand the implementation to thousands of locations, create new verticals and increase global sales.
Mickey Balter, Oriient’s CEO, leads the company. Oriient offers an indoor positioning system for physical spaces that supports a wide range of business uses, including delivery services and global retailers. Oriient also provides an indoor navigation solution for smart buildings. This allows them to generate incremental revenue through proximity marketing, indoor navigation, cost reduction, security enhancements and improved efficiency in physical environments.
Founded in 2017, the 35-person company has perfected its proprietary algorithms that use Earth’s magnetic field, smartphone readings and AI to accurately pinpoint any user inside a building, without the need to install any hardware. Oriient’s patented technology integrates directly with a business’s mobile app, harnessing existing sensors in every smartphone to deliver hyper-accurate positioning to within 3 feet/1 meter with no hardware installation required.
The company recently announced two new partnerships 1) with grocery delivery giant Instacart to power in-store navigation used by shoppers at hundreds of stores in North America and 2) with Google, which makes Oriient indoor location services available on Google Cloud’s Marketplace as an SDK for retailers’ mobile apps.