Toronto-based indoor location platform company InnerSpace has raised $4.3 million CAD (about $3.2 million USD) in seed stage financing. This round of funding was led by BDC Capital‘s Women in Technology Venture Fund. MaRS Investment Accelerator Fund, 500 Startups, Industry Ventures, Zach Coelius’ AngelList syndicate, and several others also participated in this round. InnerSpace will be using this funding round to expand on its client base and develop new technology solutions.
Founded by CEO James Wu, Jason Gamblen, Matt MacGillivray, InnerSpace offers an Internet of Things based platform that automatically maps and deploys location services in indoor spaces. The company’s customers range from airlines, food and service businesses, entertainment facilities, and property managers. These customers incorporate InnerSpace’s smart data into employee and consumer experiences along with their real estate and
“Indoor location data is the linchpin to creating successful, results-driven Smart Buildings solutions,” said Wu in a statement. “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’s proprietary sensors help the company understand how people use an indoor space. And the company leverages artificial intelligence and its software to deliver analytics and insights. And it is able to predict future behaviors of how people will use the space. Plus the same data drives the company’s consumer and employee mobile apps that 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” added InnerSpace CMO Cerys Goodall. “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.”
Michelle Scarborough, the managing director of BDC Capital’s Strategic Investments and Women in Technology Fund, pointed out that InnerSpace “leapfrogged” past the obstacles that have been plaguing the indoor location industry. “Its impressive roster of marquis clients and proven technology positions the company well for continued growth and success,” explained Scarborough.
And MaRS Investment Accelerator Fund director Michelle McBane noted that InnerSpace is tacking a highly complex technical problem that tech giants have not solved yet. “InnerSpace is ideally positioned to become the indoor location of choice,” McBane commented.
InnerSpace participated in a 2017 seed program at the 500 Startups startup accelerator. In that same year, InnerSpace also participated in an accelerator program run by Infiniti Motors.
The InnerSpace platform is available to customers in the U.S., Canada, and Australia. And clients can start their own Smart Office deployment for $2,995 to gain insight into how their building is being used.