“Indoor GPS” company YFind raises US$1.18M from Innosight and Walden
June 18, 2012 by Terence LEE
The company has developed patent-pending technology called YFind Positioning System enables users to find out there exact location in indoor or dense urban environments, with less than three meters accuracy.
The technology is WiFi-based, purportedly low cost, and works on iOS, Android, Windows Phone, and Blackberry. Applications for it include mobile advertising, business intelligence, and asset management.
The funds will be used to accelerate development of these applications.
Yong Soo Ping, director at Walden International Singapore, said that they are “very impressed” by the accuracy and reliability of YFind Positioning System.
Pete Bonee, partner at Innosight Ventures, calls the technology disruptive. Both individuals will join the YFind Board.
The Indoor Positioning System is a relatively young field that could see rapid development and deployment in the future. Google Maps and Bing Maps have such a feature, although it isn’t very accurate yet.
Dr Ting was an Assistant Professor at the Nanyang Technological University of Singapore (NTU), specializing in wireless communications. Yuan is a digital marketing strategist, formerly Vice President of Digital Strategies at a leading global PR consultancy.
Dr. Han is a researcher in wireless technology. They are joined by founding partner – Hoo Shao Pin, a seasoned technopreneur.
In 2011, they received SPRING Singapore’s Technology Enterprise Commercialisation Scheme (TECS) Proof-of-Concept & Proof-of-Value grants, as well as co-funding support from IDA’s Digital Concierge Programme.
The company was also recognized by the Singapore IT Federation (SITF) as Start-up of the Year 2011.
Innosight Ventures is the venture investing arm of Innosight, a global innovation and strategy consulting firm, co-founded by Harvard Professor and innovation thought-leader Clayton Christensen in 2000. It has invested in Singapore startups like Wildfire, iTwin, Chope, and TMGamer.
Walden is an international VC firm that has been active since 1987. They have invested in over 60 Singapore companies, including Creative Technology.
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Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.Read other posts by Terence LEE