by • March 15, 2016 • No Comments
Startups working on high-high end immersive visuals and the tech to complete them are in demand these days, and right now one that focuses specifically on interactive outdoor and indoor 3D mapping is revealing a round of funding to assist fuel its growth.
London-based eeGeo, that works with the likes of Cisco, Samsung and additional on mapping applications for consumers and businesses, has raised $5 million, money that it can use both to expand its business in areas like 3d mapping applications, but in addition move deeper into newer areas where high end immersive visualizations are going to be essential — such as virtual reality environments.
The funding comes of a group of unnamed individual investors and is led by NetSol Technologies, a company that provides IT solutions to the asset finance industry. This is a strategic relationship, in that NetSol engineers can work with eeGeo on new products. The investment values eeGeo at just over $26 million, based on the total amount NetSol can invest ($3.912 million, according to this announcement) and the percentage stake that it can have in eeGeo as a outcome (15%).
eeGeo declined to disclose how much it has raised to date, but when we covered the company’s firstly consumer-facing services, under the name Recce, we stated that it had raised $4 million of NEA as well.
You may not understand eeGeo by name, but you may have come across its tech anyway: the company says that collectively, apps that use eeGeo’s innovation have been downloaded additional than 4.5 million times.
Familiarity with the eeGeo brand may in addition alter down the line, given the company’s DNA.
EeGeo’s co-discovereders — CEO Ian Hetherington and Rian Liebenberg — respectively came of Sony (Hetherington’s previous startup, Psygnosis, was acquired by Sony and was central to the development of the PlayStation and its gaming efforts) and Google (Liebenberg was a senior figure in Google’s engineering team, creating Hangouts and much additional). Liebenberg left eeGeo to become the CTO for the Schibsted Media Group in 2014.
The startup’s first public forays, too, were consumer: they included Recce, an interactive map that is in addition a gaming platform, and Go Deliver, a Groupon-meets-Gowalla type interactive and branded location-based, marketing platform created out in the form of a game. “The consumer play is additional visualization for the social network,” Hetherington explained when asked of where we can see eeGeo next on the consumer front.
But many of what eeGeo has been occupied with in the last couple of years has been the B2B play, where it started firstly with outdoor maps but has discovered a quite lucrative opportunity with indoor visualizations.
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Problems with cellular signals usually mean that organisations require to resort to costly equipment to map interiors accurately. But, this is a thing that businesses are increasingly wanting and via in their own marketing and customer plays, so companies that are able-bodied to come up with ways of mapping and visualizing interiors additional economically are informative.
One of eeGeo’s tricks is that it’s able-bodied to manufacture interior 3D visualizations based on 2D maps. “You can submit 2D floor plans and we convert that to 3D,” Hetherington said. It is may already covered a few 25,000 assembling interiors this way, which include airports, shopping malls and additional.
Down the line, Hetherington said that eeGeo wants to expand its mapping data by way of crowdsourcing, where the apps that integrate its tech in addition become vehicles to ingest additional information to improve accuracy, especially for indoor maps. Indoor maps are an area where Hetherington says the company is working with a few other quite informative tech companies under NDA.
Interestingly, eeGeo not the just one that is next the crowdsourcing version to improve indoor mapping. Last November, Apple quietly released an Indoor Survey app, utilized to assist organizations that are on Apple’s Indoor Positioning service advantageous map out their interior spaces via an iPhone’s sensors and nearby radio frequency data — and no special hardware or actually distinct interactions. You just walk around within with your phone to feed the app data. Apple is working with a number of third parties on this service.
eeGeo is not the just company that is exploring how to create these kinds of 3D visualizations, both for indoor and outdoor spaces, but Hetherington points out that it’s one of the many flexible on the market right now. Some companies, he said, don’t want the “Google Maps” experience — that is, a map that you can automatically tell comes of the search giant’s database.
“People like NTT [and eeGeo customer] create their own apps, and via us they have the choice for how they reprsent the map. They have their own brand identity and are not made to subsume that to a Google or an Apple,” he said. “That sense of ownership is one reason we are getting business.”
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