The FocalPoint team | Image credit: Molten Ventures
Cambridge, UK-based FocalPoint, a company that develops next-generation navigation and positioning software for smartphones, wearables and autonomous vehicles, announced on Thursday September 8 that it had raised £23 million (approximately €26.48 million) in a Series C funding round.
FocalPoint CEO Scott Pomerantz said, “This capital injection will allow us to move more quickly to meet the demands of several large customers in the United States and Southeast Asia and accelerate the growth of our IP wallet.
Investors in this round
The round was co-led by Molten Ventures and Gresham House.
David Cummings, Partner at Molten Ventures, said: “Existing GPS technologies are no longer fit for purpose and we are proud to continue our support of FocalPoint in its mission to revolutionize the accuracy of GPS and other global navigation systems by satellite and, in doing so, solve the problems faced by businesses and consumers with inaccurate and dangerous receivers. »
FocalPoint previously raised £6 million in a Series B funding round in 2021. Molten Ventures was the sole investor in the round.
Next Generation Positioning Solutions
Founded in 2015 by Ramsey Faragher, FocalPoint was developed to improve navigation placement and better meet the needs of organizations and individuals in the 21st century. The company says its positioning and timing systems are essential to the US economy, which is worth more than $1 billion, and the European economy, which is worth more than 800 billion euros.
Since 2021, the number of FocalPoint employees has nearly doubled across all of its UK offices. The company has also hired former Broadcom senior vice president Scott Pomerantz as its new CEO, along with other senior executives who have extensive expertise in building and growing technology companies.
The latest round of funding follows FocalPoint’s announcement earlier this year that it has received an investment from the European Space Agency to create a live demonstration and rapid prototyping system to accelerate the activities of the company in the automotive and mobile telephony sectors.
FocalPoint claims that through its Supercorrelation software, the company has developed a new class of satellite positioning receivers capable of measuring the directions of incoming signals and ignoring reflected signals and false “tampered” signals. This makes receivers highly accurate in urban areas and more resistant to spoofing attacks.
Founder Ramsey Faragher said, “It has been an incredible experience growing this company from an idea in my head to an established, world-leading GNSS technology provider. As we continue to add more GNSS customers and partners to our roster, I am excited to now develop more IP to expand our footprint into other radio technologies and even broader markets.
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