OULU, Finland – January 16, 2018 – IndoorAtlas, the leading global indoor positioning Platform-as-a-Service, today announces that it has received an investment from Digital Ventures. Digital Ventures joins Company’s 4.6-million euro Series B financing round led by Yahoo! Japan with participation from existing shareholders Takoa Invest and Innovestor Ventures.
The new shareholder Digital Ventures, a subsidiary of Siam Commercial Bank (SCB), is dedicated to driving change in the banking industry through investment and innovation. Digital Ventures aims to carry out development of financial technology products and services by innovating new solutions and applying new approaches, such as Blockchain, Internet of Things (IoT), Artificial Intelligence, Machine Learning, and Biometrics technologies, to satisfy customer demand.
“Digital Ventures’ and SCB’s commitment to IndoorAtlas, location-based services, and digitalization of the financial sector will bring to IndoorAtlas strategic support in extending its global leadership in enabling innovative location-based financial technology services. It reflects the global demand we are seeing in a growing number of new verticals in addition to the financial sector such as healthcare, retail, asset tracking, transportation, smart cities, IoT, and public safety. With committed partners, such as Digital Ventures and SCB, we can effectively address this demand globally” says Erik Piehl, CEO of IndoorAtlas.
“We are truly excited about this investment opportunity. It has been our strategy from day one to identify and learn from the best and most relevant technologies and startups with aim to offer new services and enhance customer experience for both SCB and its corporate customers,” said Mr. Orapong Thien-Ngern, CEO of Digital Ventures. “By investing in IndoorAtlas we can leverage the world’s most advanced indoor positioning platform to fundamentally disrupt and change the playing field by giving consumers the control and the power wherever they are. And with this strong partnership we have with IndoorAtlas, SCB and Digital Ventures can come up with more solutions for our customers in the future.”
Previously Digital Ventures integrated IndoorAtlas’ technology in developing ‘Chatuchak Guide’ mobile application, a digital platform that helps place merchants in Chatuchak Weekend Market, one of the world’s largest weekend markets located in Bangkok, on online channels while enabling buyers to accurately search and find merchants with an intelligent geomagnetic navigation technology. This technology allows consumers to identify locations and receive sales promotions in real time. The application was available for download from September 2017 and has quickly become a must-have mobile application among local and international visitors, helping them find their way more easily around the sprawling weekend market.
Digital Ventures has continuously invested in fintech-related startups and fund of funds in Asia, the US, Scandinavia and Israel since it launched a $50-million venture capital fund last year.
Founded in 2012, IndoorAtlas is a global Platform-as-a-Service leader in geomagnetic indoor positioning. Its patented hybrid technology utilizes the built-in sensors in smartphones to detect anomalies in the Earth’s magnetic field to pinpoint a location indoors. It provides to thousands of developers with a scalable cloud platform to build location-based services without the need to purchase, install and maintain large amounts of costly infrastructures. The platform supports both Android and iOS, and customers can utilize the provided geoinformation to build indoor location-based services, such as proximity advertising, search and wayfinding, within their application. For more information, please visit www.indooratlas.com, https://www.youtube.com/watch?v=pYnY1_UwA4s
About Digital Ventures Co., Ltd.
Digital Ventures is a financial technology subsidiary under Siam Commercial Bank. Established in 2016, the company spearheads the bank’s digital transformation. Digital Ventures strives to play a part in driving the change in the banking industry through investments, research and developments, as well as providing support for Thai startups to grow alongside SCB. The company’s initial capital in financial technology amounts to USD 50 million. For more information go to www.dv.co.th