Nestwave, a provider of low-power IoT geolocation IP and cloud services, has secured a €2.4 million round of financing from the European Innovation Council, the newly established venture capital fund of the European Commission, and from current investors Sofimac Innovation (Paris, France) and The Faktory Fund (Liege, Belgium). The new financing round will enable Nestwave to further accelerate the rollout of its hybrid-signal global navigation satellite system (GNSS) and cellular positioning technologies.
“This new round of financing will enable us to accelerate the pace of our technology innovation, product development and commercial deployment of positioning solutions for IoT applications,” said Ambroise Popper, CEO of Nestwave.
Nestwave’s geolocation implementation enables IoT modem chip makers and DSP partners to implement low-power, cost-effective geolocation for asset tracking, personal trackers and a wide range of new IoT applications. Purpose-built for the IoT, the technology reduces power consumption significantly compared to traditional GNSS offerings while eliminating the need for a dedicated positioning chipset.
“Nestwave is very well positioned to capitalize on the growing nexus of geolocation and IoT technologies,” said Martin Bruncko, EIC Fund Investment Committee member. “This new round of funding for Nestwave will support the momentum for its unique, low-energy and high precision technology targeting applications in areas such as asset tracking, logistics and transportation.”