HELSINKI, AUGUST 11, 2016 – IndoorAtlas Ltd, the global Platform-as-a-Service leader in geomagnetic indoor positioning technology, today announced it received €2.2 million from the European Commission Horizon 2020 grants program.

“This prestigious award from the European Commission recognizes the innovative features and long-term value of IndoorAtlas’ indoor positioning technology,” said Janne Haverinen, CEO of IndoorAtlas. “Developers around the world are using our platform to create location-based applications for a wide variety of indoor venues, and we are committed to continuing our focus on providing them with new features,” added Haverinen.

Horizon 2020 is the biggest EU Research and Innovation program, with nearly €80 billion in funding available. Grant recipients, including IndoorAtlas, were selected based on technological breakthroughs with the potential to drive economic growth by taking great ideas from the lab to the market.

IndoorAtlas’ researchers originally discovered that each modern building has a unique magnetic fingerprint. They went on to develop software that enables the magnetic sensor within any smartphone to accurately pinpoint and track a person’s location indoors. Developers can now integrate indoor location-based services into their mobile applications.

IndoorAtlas’ technology is scalable, accurate and cost-effective. It empowers developers to create customized mobile applications for indoor venues such as shopping centers, airports, resorts, hospitals and much more.