IndoorAtlas, a provider of magnetic positioning technology for indoor location, announced that it has agreed to a $10 million investment from Chinese search engine Baidu (BIDU).
IndoorAtlas also announced it is signing an exclusive agreement for the Chinese market with Baidu. The company said it will be using the funding towards ramping up R&D, engineering and business development in the US, Asia, and Europe.
IndoorAtlas was founded in 2012 by Professor Janne Haverinen and four PhDs in computer science, as a spin-off from research conducted at the University of Oulu. IndoorAtlas, which is headquartered in Mountain View, CA and Oulu, Finland, uses earth's geomagnetic field to pinpoint the exact location inside a building with an accuracy of two meters.
IndoorAtlas Founder & CEO Janne Haverinen, said, "We are excited to have an Internet company like Baidu as our partner as we grow and expand our footprint,"
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