Ghent-founded indoor position technology business Pozyx has amassed more than $1.5m having recently completed the launch of its initial product range.
Pozyx, a Belgium-based indoor positioning technology producer spun out from Ghent University, has received more than €1.3m ($1.5m) in a round led by investment firm Saffelberg Investments, IoT for All reported on Friday.
Founded in 2015, Pozyx sells indoor positioning tags and software that rely on ultra-wideband (UWB) radio signals to accurately determine the location of multiple low-powered devices over large indoor areas such as industrial warehouses.
UWB is expected to supply significantly better positioning information compared with data transfer alternatives such as GPS or wifi. As UWB can be used indoors, it is appropriate for the monitoring of industrial internet-of-things devices such as connected carts or forklifts.
Pozyx’s system is now available under general sale, following a limited distribution run with select customers for evaluation purposes in 2017.
The spinout claims it has already recouped investments in the underlying indoor positioning technology. Its co-founders include chief technology officer Samuel Van de Velde, a former PhD student at Ghent University’s Department of Telecommunications and Information Processing whose research centred on indoor positioning devices.
Pozyx does not appear to have announced equity funding previously, though it received approximately $63,000 from a crowdfunding campaign in 2015.