IoT startup Pozyx raises 1,3 milljoen euros with indoor positioning
Ghent University start-up Pozyx has raised 1.3 million euros in a round led by Belgian investment fund Saffelberg Investments.
With this investment, Pozyx will strengthen the commercialization of their new and scalable indoor positioning system. Pozyx is a spin-off from Ghent University and is specialized in accurate indoor positioning for the internet of things (IoT). The company was founded in 2015 after a successful crowdfunding campaign on Kickstarter. Since their launch, Pozyx has attracted more than 3,000 customers in over 60 countries and has grown to a team of 15.
Founder Samuel Van de Velde: “In IoT you don’t only want to know what happened and when, you want to know where it happened, and indoor this is simply not possible with GPS. This is where Pozyx comes in.”
With the use of the emerging wireless technology called ultra-wideband (UWB), it is possible to achieve an unprecedented positioning accuracy of 10 cm, several times more accurate than positioning with GPS, wifi or Bluetooth. The new Pozyx system is an important milestone for the company with respect to scalability. The new system allows to accurately track thousands of small, low-powered devices over very large areas. This enables a lot of new applications for tracking athletes, shopping carts, forklifts or even drones.
Last year, the system was rolled out for a select number of customers for tweaking and fine-tuning. Now it is ready for everyone. The largest setup to date is a complete warehouse installation covering 27000 sqm at a beer brewer for tracking forklifts. With the system, the company can make more efficient use of its forklifts and manage its stock better. The investment in positioning technology was quickly earned back within 6 to 12 months.
With the new financing and the newly released product the ambitions for Pozyx are very high. Co-founder Vadim Vermeiren: ‘We want to be the first company to think of when talking about accurate indoor positioning.’
According to Luc Osselaer from Saffelberg Investments “Pozyx is a company with a clear technology and value proposition for industrial and logistical companies. The team has proven to be at the cutting edge of positioning for the Internet of Things.”