Kitchener-Waterloo-based software startup Mappedin has secured $24.5 million in Series B financing to map indoor spaces at scale.
The growth equity round, which Mappedin announced this morning, was led by Nashvilleâs Edison Partners with participation from Hong Kong-based Betatron Venture Group.
Hongwei Lium,
âIndoor spaces are where people spend 90 percent of their time, but theyâre still largely invisible to the systems meant to manage and protect them.”
Mappedin
Mappedin, which was founded in 2011, helps organizations create and maintain digital maps of complex indoor environments. Using AI and LiDAR (short for light detection and ranging, a remote sensing method), the companyâs platform turns floor plans and spatial data into 3D, dynamic digital maps that can help with navigation, operations, analytics, and safety.
The company says this fundraise will help it expand from individual buildings to city-scale indoor mapping. The funding will also help it expand access to its mapping technology for first responders, safety organizations, and large public venues.
While most of the outside world has already been digitally mapped, digital maps of the indoors, from airports to sports stadiums, are far more difficult to obtain.
âIndoor spaces are where people spend 90 percent of their time, but theyâre still largely invisible to the systems meant to manage and protect them,â Mappedin co-founder and CEO Hongwei Liu wrote in a LinkedIn post. âWeâre changing that by giving safety officials, building operators, and their partners real tools to oversee and secure indoor environments at scale. And weâre opening our platform so others can build on top of it.â
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âWhen we started Mappedin, the idea was simple: the indoors should be as navigable as the outdoors,â Liu wrote. Since then, Mappedin says it has helped clients map more than 10 billion square feet of indoor space, across 86 countries, for over 450 million visitors.
Today, Mappedinâs customers include Simon Property Group shopping centres, the Los Angeles International Airport, Major League Baseball stadiums, and Hudson Yards.
Mappedinâs Series B investors appear bullish on the companyâs growth prospects.
âWe believe Mappedin is uniquely positioned to become the de facto indoor mapping layer that powers digital experiences, operational intelligence, and safety systems across the built world,â Edison Partners general partner Ryan Ziegler said in a release.
Feature image courtesy Mappedin.