Welcome!

News Feed Item

IndoorAtlas Receives US $10 Million Investment From Baidu and Signs Exclusive Agreement for Chinese Market

IndoorAtlas Poised to Capture Chinese Market With Access to a Billion Potential Subscribers

BEIJING, CHINA and MOUNTAIN VIEW, CA and OULU, FINLAND -- (Marketwired) -- 09/02/14 -- IndoorAtlas, the global leader in magnetic positioning technology for indoor location, today announced that it has agreed to a $10 million investment from Baidu (NASDAQ: BIDU), the world's leading Chinese search engine. IndoorAtlas also announced it is signing an exclusive agreement for the Chinese market with Baidu. Through this partnership, Baidu intends to strengthen its indoor mapping offering with cutting-edge technology that will be unique in China.

IndoorAtlas uses earth's geomagnetic field to pinpoint the exact location inside a building with an accuracy of two meters.

"We are excited to have an Internet company like Baidu as our partner as we grow and expand our footprint," said Professor Janne Haverinen, Founder & CEO of IndoorAtlas. "With this partnership, we now have access to over 1.34 billion potential subscribers at one go. We see this as a huge opportunity not just to make a mark in Asia, but globally, and to make indoor location services ubiquitous and available to everyone."

The company will be using the funding towards ramping up R&D, engineering and business development in the US, Asia, and Europe.

"IndoorAtlas's accuracy and scalability is second to none and clearly complements Baidu's existing mobile Location Based Services (LBS) and maps offering," said Baidu vice president Liu Jun, who leads the company's LBS business unit. "IndoorAtlas's intellectual property portfolio and global geographical coverage will be instrumental in helping us at Baidu build out our LBS platform for local merchants in China and abroad."

"IndoorAtlas is very excited to have Baidu, one of strongest Internet players not only in China but also globally to participate in our Series A round," said Inka Mero, Chairwoman of IndoorAtlas and Co-Founder and Chairwoman of Koppicatch. Inka has played a key role in the growth and expansion of IndoorAtlas in Europe and US since its inception, and led the discussions with Baidu for this funding round. "This represents an infusion of funds to aggressively continue our growth in the US and also gives us a unique opportunity to make quick inroads into Asia, specifically the Chinese market, which in many ways is leading the way for indoor location based services. From the very beginning of discussions, we felt there is great match in terms of strategy, competencies and assets. We could not have asked for a better investor and partner in terms of indoor location based services expertise, sheer scale of operation and industry specific know-how."

Baidu will highlight the first IndoorAtlas solution customized for the Baidu Maps app at its annual Baidu World conference, being held in Beijing on September 3rd.

"The competition in this space is heating up as the largest global players who have so far focused on the outdoors now turn towards mapping the indoors in the most cost effective and scalable way," said Greg Sterling, Senior Analyst at Opus Research, a firm specializing in Indoor location and proximity marketing. "With this deal, Baidu is clearly endorsing the idea that magnetic positioning is fast emerging as the GPS of indoors, the foundational solution complemented with Wi-Fi, PDR, and BLE technologies."

Opus Research recently published a report which predicts magnetic positioning will emerge as the "foundational" technology for indoor location globally. The report finds that while magnetic positioning can be used as a stand-alone technology, it can also complement existing Wi-Fi infrastructure. Bluetooth Low Energy (BLE) beacons, such as iBeacon, have recently garnered attention and emerged as another way to provide indoor location services. Yet beacons have limitations as they can only detect and manage proximity between themselves and handset location. They can't offer "moving blue dot" positioning inside a store or precise latitude-longitude coordinates, the report says.

"With this strategic alliance in place, Baidu will continue to not just lead innovation in the space but also make inroads towards establishing global leadership in indoor positioning," said Sterling . "It is a hotly contested and lucrative space with billions of advertising dollars at stake."

About IndoorAtlas
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. The patented technology utilizes built-in magnetometers in smartphones to detect anomalies in the geomagnetic field to help users reliably navigate through indoor spaces without any additional infrastructure. IndoorAtlas is headquartered in Mountain View, CA and Oulu, Finland.

For more information, visit www.indooratlas.com.

About Baidu
Baidu, Inc. is the leading Chinese language Internet search provider and developer of award-winning PC, Web and mobile products. As a technology-based media company, Baidu aims to provide the best and most equitable way for people to find what they are looking for. In addition to serving individual Internet search users, Baidu provides an effective platform for businesses to reach potential customers. Baidu's ADSs trade on the NASDAQ Global Select Market under the symbol "BIDU." Currently, ten ADSs represent one Class A ordinary share.

PRESS CONTACT:
MONIKA RAJ
Email Contact
415-794-6592


More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
In an era of historic innovation fueled by unprecedented access to data and technology, the low cost and risk of entering new markets has leveled the playing field for business. Today, any ambitious innovator can easily introduce a new application or product that can reinvent business models and transform the client experience. In their Day 2 Keynote at 19th Cloud Expo, Mercer Rowe, IBM Vice President of Strategic Alliances, and Raejeanne Skillern, Intel Vice President of Data Center Group and G...
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...