£2.6m investment opens up a world of opportunity for digital mapping firm Living Map, the digital map and data platform, has raised a further £2.6m investment from Committed Capital, Mercia Fund Managers and other existing shareholders.
The funding will allow the business to launch a new software package that will enable its technology to be adopted by a much wider audience, including large indoor venues like airports, retail sites, hospitals and smart cities. The latest funding, which follows an earlier round in May 2018, brings the total raised by the company to £3.8m.
Living Map, which is based in Bath with an office in London, specialises in the ‘location of things’. Its software allows companies to produce their own customised maps which, unlike similar services, can operate in both outdoor and indoor spaces. It can locate and track people or assets in real time – for example to monitor high-value products moving along a production line or map air quality in different parts of a city.
The company, which was founded in 2010 by urban design consultant Tim Fendley, has produced systems for major visitor destinations such as Heathrow Airport and the MET Museum in New York. However the new off the shelf software package offers greater functionality and will make the technology accessible to a much wider audience.
Adam Coxen, Living Map’s Chairman, said: “The funding will allow us to pursue our strategy to produce a fully integrated software as a service (SaaS) solution. The new software will provide hyper-accurate digital maps of complex spaces, allowing indoor and outdoor navigation and intelligent real-time location. It will open up new possibilities for use in smart cities, asset management, and industrial platforms.”
Else Thomson, Director of Committed Capital, said: `’Living Map has gone through a period of transformation and is now an outstanding, well-resourced SaaS business with a unique offering. Committed Capital is pleased to be continuing to support the company through its next stage of development, both in terms of a £2.1m contribution to this funding round and ongoing board support.”
Mercia was investing from its EIS funds under management. Julian Dennard, Investment Director at Mercia Fund Managers, commented: “Customers expect to be able to use digital maps to find their way around but existing services do not work well indoors. This funding will help Living Map to roll out its new product which addresses this gap in the market and takes digital mapping to the next level.”