Situm is a location, navigation and indoor monitoring technology company that has raised €3m to accelerate its growth and international expansion. The firm has sold part of its shareholdings to new investors such as Swanlaab Venture Factory and Prosegur Tech Ventures.
Geolocation has always been one of the main sources of information that allow companies to improve their processes, but nowadays, there are also companies that allow this to be done indoors, so it is easy to see that new technologies have a disruptive impact in this area, as well as in corporate finance.
WHO IS SITUM?
It is a company specialising in geolocation in indoor spaces able to offer a precision that is non-existent among the current offer on the market., and which, thanks to the development of its own technology and an algorithm that combines the signals present in buildings such as Bluetooth or Wi-Fi, achieves greater precision than GPS technology outdoors.
Situm develops its services with a minimal infrastructure thanks to an easy-to-deploy mobile technology, and enables the optimisation of processes involving people and assets in any facility.
The platform was born in 2014 as a spin off of a research centre at the University of Santiago and, although it does not start until 2015, it has already been installed in more than 5,000 buildings around the world.
It has multiple use cases. For example, a visitor to a hospital, a shopping centre or a large building can know his or her location in real time and receive instructions on how to reach his or her destination.
Similarly, its solution enables mobile applications that empower people with low vision, and service companies are using Situm's technology to locate key personnel and ensure the effective execution of a task.
On other occasions, it is also used to optimise the use of mobile machinery within a factory (automotive and Industry 4.0).
NATIONAL AND INTERNATIONAL CUSTOMERS
It is present in countries such as the United States, Singapore, Thailand, Colombia, Russia and France, but the reality is that today 60% of the Startup's income comes from its business in Spain, where it has clients such as Acciona, Ferrovial or the QuirónSalud hospital group.
It recently sold part of its shares to Swanlaab Venture Factory., Israeli-Spanish management company with offices in Madrid and Tel-Aviv, and to Prosegur Tech Ventures, Corporate Venture Capital de Prosegur, en una ronda de financiación valorada en 3M€and in which Amadeus, Unirisco and Xesgalicia also participated.
The operation was advised by the law firms Fourlaw and Rousaud Costas y Durán.
The entry of these investors will allow the firm to accelerate its growth and carry out its international expansion plan.
OTHER SIMILAR ROUNDS IN THE SECTOR
POLTE CORPORATION
Localisation technology company Polte Corporation has recently raised 12.5M$ in strategic funding from experienced private investors, which will enable the company in deployments in commercial and industrial applications with its patented alternative to GPS.
The company's technologies leverage LTE/4G and 5G networks to deliver the most accurate location intelligence.
NAVVIS8
This company provides indoor spatial intelligence solutions for businesses that help monitor and control assets and processes using a virtual representation of physical spaces.
In its latest financing round, Navvis was able to lift 35.5M$C series, in order to accelerate its growth and consolidate its leading position.