YFind Technologies, a Singapore-based startup that creates location-intelligent cities and buildings with its patent-pending YFind Positioning System, has raised S$1.5 million in Series A funding from Walden International and Innosight Ventures. The company will use the funds raised to continue its research and development activities and scale business development, it said in a press release issued today.
The company’s YFind system can create a ‘indoor GPS’ environment in buildings and densely built urban areas, providing location information with up to less than three meters accuracy. The technology is WiFi-based, low-cost, and works on all mobile computing platforms including iOS, Android, Windows Phone, and Blackberry. The technology has applications in sectors such as mobile advertising, business intelligence, asset management, and others.
Following the investment, Walden director Yong Soo Ping and Innosight partner Pete Bonee join the YFind board. US-based Walden has been investing in Singapore for over two decades and has backed about 60 Singapore companies till date. Globally, the firm manages over $1.9 billion in committed capital. Singapore-based Innosight Ventures is the venture investing arm of Innosight, a global innovation and strategy consulting firm, co-founded by Harvard professor Clayton Christensen in 2000.
Yfind was founded in October 2010 by Ting See Ho, who was an assistant professor at Nanyang Technological University of Singapore, Melvin Yuan, a digital marketing strategist, and Han Yang, a researcher in wireless technology. In 2011, the company received a grant from SPRING Singapore’s Technology Enterprise Commercialisation Scheme and co-funding support from Info-Communications Development Authority of Singapore’s (IDA) Digital Concierge Programme to develop a high-accuracy indoor location detection technology at a shopping mall and airport terminal.
Image Courtesy: YFind Technologies