FocalPoint raises £15m for GPS software
Cambridge-based deep tech firm FocalPoint has closed the first stage of its Series C funding round, raising £15m to develop its GPS and navigational technology.
FocalPoint was created to increase the accuracy of navigational technology, including GPS, using satellite positioning. The startup is also aiming to boost the security of global positioning by detecting fake signals used by criminals.
The new funding for FocalPoint will support the company’s goal to scale up its global positioning technology, grow its research and development teams, and pursue other opportunities, including 5G and Wifi.
The £15m investment is part of a wider Series C funding round, which the company expects to rise to £23m when fully completed.
“We are delighted at this show of confidence in FocalPoint from new and established investors amidst a challenging market backdrop,” said FocalPoint CEO Scott Pomerantz.
“Our IP portfolio is strong, this injection of capital will enable us to move faster to meet the demands of several big customers in the US and Southeast Asia, and to accelerate our IP portfolio growth.”
Earlier this year, the startup secured funding from the European Space Agency to develop a live demonstration and rapid prototyping system.
The company founder, president, and CTO Ramsey Faragher added: “As we continue to add more GNSS customers and partners to our list, I’m excited to be now developing further IP to grow our footprint into other radio technologies and even larger markets.”
FocalPoint previously raised £6m in a Series B funding round from Draper Esprit in March 2021.