Beacon vendor Ifinity on Wednesday (Aug. 13) secured an investment deal with SpeedUp Venture Capital Group that would put the company’s value at $12 million after all payments are received. SpeedUp, a Polish group of investment funds, plans to provide the seed capital in separate payments over time.
Poland-based Ifinity’s technology uses a beacon service similar to Apple’s iBeacon. It allows the company to deliver such services as remote access to services for applicants and customers, point-of-sale micropayments, real-time equipment registry at any given facility, parking space management and advanced data analytics, according to the funding announcement.
The company’s goal is to support citywide beacon services. It says it will invest the funds in further development and to deliver subsequent implementations and R&D for services dedicated to business and smart cities, where the company recognizes the technology’s future potential.
“We have this idea of smart cities that can help everyone live smarter with the help of our technologies, and we’ve already put that idea into work,” Adam Jesionkiewicz, Ifinity CEO and founder, said in the funding announcement. “Today, with the city of Warsaw, we’re already helping visually impaired people to navigate around local government premises. Thanks to the secured funding, we want to significantly increase the scale of our operations and strengthen Ifinity’s position in the global market.”
To keep up with the latest in beacon technology, click here for PYMNTS.com’s Beacon Tracker.
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