Funding for new system will help put tech company on the map
A company with a new technology that allows people to use their mobile phones to guide them through airports, hospitals and other indoor spaces has secured a £750,000 loan to help fast track its development.
Living Map’s new software overcomes the challenge of using digital maps inside large buildings, underground areas or other locations where GPS signals cannot reach. The technology has already been successfully deployed by Singapore Airlines to guide passengers through Heathrow Airport to make flight connections. It will soon be rolled out to other airports and airlines as part of its recently announced partnership with airline consortium Star Alliance.
The loan, from the government agency Innovate UK, will allow the company to further develop the software so it can be integrated quickly and easily at multiple sites, with different mobile devices and applications.
Living Map, which is based in Bath and backed by investors Mercia Asset Management and Committed Capital, is a leading force in the field of digital maps, wayfinding and guidance indoor and out. It has produced systems for venues such as Canary Wharf, New York’s MET Museum and, in response to Covid-19, by the RUH Bath Hospital, to help visiting key workers to navigate the hospital and the city centre.
Its new Live Positioning platform was originally developed with the help of Innovate UK grants, and is believed to be the only one of its type that can provide accurate positioning and navigation inside buildings in the absence of a GPS signal without the need for expensive hardware. The new platform will mean software developers from any organisation will be able to rapidly incorporate the technology in their own apps – whether to help people find their way around indoor spaces or to track assets, such as components in a car plant or high-value equipment in a hospital.
Dominic Hazlehurst, Living Map’s CEO, said:
“Digital maps have become part of everyday life for many but using them indoors still poses problems, given the lack of reliable positioning. Our platform overcomes this, providing a better experience for vistors to any large complex spaces, whilst enabling better decisions by operators. This loan will further help us to fast track its development and open up global opportunities for Living Map.”
Mercia has backed Living Map since 2018, investing from its EIS funds. Julian Dennard of Mercia added:
“Living Map has managed what even the big corporations have not yet done in making this type of technology work seamlessly both inside and out. The new live positioning system will take digital maps to the next level and will be a game changer for the business.”
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About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on supporting regional SMEs to achieve their growth aspirations. Mercia provides capital across its four asset classes of balance sheet, venture, private equity and debt capital: the Group’s ‘Complete Capital Solution’. The Group initially nurtures businesses via its third-party funds under management, then over time Mercia can provide further funding to the most promising companies, by deploying direct investment follow-on capital from its own balance sheet.
Mercia has a strong UK regional footprint through its eight offices, 19 university partnerships and extensive personal networks, providing it with access to high-quality deal flow. Mercia currently has c.£872million of assets under management and, since its IPO in December 2014, has invested over c.£106million across its direct investment portfolio.
The Group raises its own Enterprise Investment Scheme (EIS) Funds and manages Venture Capital Trusts (VCTs). Details about open offers can be found through Mercia’s website.
Mercia Asset Management PLC is quoted on AIM with the epic “MERC” and includes the following wholly owned subsidiaries –
- Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
- Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
- EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560