CPE News (3/26/2019) – InnerSpace Technology Inc. has raised US $3.2 million in seed financing led by BDC Capital with participation from MaRS Investment Accelerator Fund, 500 Startups, Industry Ventures, AngelList syndicate, and family offices and others.
Founded by CEO James Wu and CRO Jason Gamblen, Toronto based InnerSpace has developed first turnkey indoor location platform that is designed to transform business operations.
InnerSpace secured initial seed funding from 500 Startups in 2017.
photo credit: InnerSpace
InnerSpace Closes $3.2M USD Seed Funding to Bring Indoor Location to Smart Buildings
Company set to disrupt market with backers BDC Capital, MaRS IAF and 500 Startups
TORONTO, March 26, 2019 (GLOBE NEWSWIRE) — InnerSpace, an IoT-based indoor location intelligence platform for Smart Buildings, today announced it has closed its Seed stage funding with $3.2M USD led by BDC Capital’s Women in Technology Fund with support from MaRS Investment Accelerator Fund, 500 Startups, Industry Ventures, and Zach Coelius’s AngelList syndicate, among others. InnerSpace has developed the world’s first turnkey platform for indoor location. The company’s client list includes Fortune 500 technology companies, airlines, food and services organizations, sporting and entertainment facilities, and property management firms which incorporate InnerSpace smart data into employee and consumer experiences, along with their real estate and business operations.
“Indoor location data is the linchpin to creating successful, results-driven Smart Buildings solutions,” said James Wu, CEO and cofounder, InnerSpace. “This funding enables us to expand our client base and support our development of new turnkey solutions that make deploying Smart solutions easier, faster and more cost-effective. The impact of these solutions for our customers is the ability to manage their real estate costs, improve customer sales, predict staffing requirements, retain talent and ultimately improve their bottom line.”
InnerSpace has developed the fully integrated indoor location platform aimed at Fortune 500 clients. The company uses its proprietary sensors to understand how people use an indoor space. Leveraging artificial intelligence and the company’s strength in developing mobile apps and software, the company delivers analytics, insights and predicts future behaviors of how people will use the space. The same data drives the company’s consumer and employee mobile apps which are designed to inform people about the services around them.
“Powered by our data, we provide mobile apps that empower people to make better choices, eliminate wasted time, and radically improve their overall experience within their indoor spaces” said Cerys Goodall, CMO, InnerSpace. “Our workplace experience app surfaces available meeting rooms and desk space, nearby amenities, and provides turn-by-turn directions indoors to support those with accessibility needs. We are now doing the same for larger venues like sporting stadiums that want to create a superior fan experience.”
“InnerSpace has leapfrogged past the obstacles that have plagued the indoor location industry,” said Michelle Scarborough, Managing Director, BDC Capital’s Strategic Investments and Women in Technology Fund, one of the world’s largest funds investing in women-led tech companies. . “Its impressive roster of marquis clients and proven technology positions the company well for continued growth and success.”
“InnerSpace is an appealing investment because of its unique platform approach,” said Michelle McBane, Director, MaRS Investment Accelerator Fund. “The company is tackling a highly complex technical problem that even companies like Google have yet to solve. InnerSpace is ideally positioned to become the indoor location of choice.”
The InnerSpace platform is currently available to customers in the US, Canada and Australia. Clients can start their own Smart Office deployment for as little as $2995 USD to gain insight into how their building is being used. For more information visit https://info.innerspace.io/smart-office-solution.
About BDC Capital
BDC Capital is the investment arm of BDC, the only bank in Canada dedicated exclusively to entrepreneurs. With more than $3 billion under management, BDC Capital serves as a strategic partner to Canada’s most innovative firms. It offers a full range of equity and financing solutions, for both startups and transitioning companies alike. BDC Capital helps Canadian entrepreneurs who want to scale their businesses into global champions. Visit bdc.ca/capital.
About MaRS IAF
The MaRS Investment Accelerator Fund (IAF) helps build and strengthen Ontario-based businesses in the cleantech, ICT, and life sciences & healthcare sectors. Funded by the Province of Ontario, the IAF program is managed by MaRS and delivered through the Ontario Network of Entrepreneurs. For more information and to apply, please visit marsiaf.com.
InnerSpace has created the world’s first turnkey indoor location platform that is designed to transform business operations. The company’s location data platform inFINITY, gives clients unparalleled speed-to-value with its easy-to-install IoT sensors, out of the box analytics, and workflow initiation solutions. With InnerSpace, clients are able to put their two biggest assets – people and real estate – to work in new ways that dramatically improve the bottom line. Innerspace.io
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