Oriient, an Israeli startup that offers the first GPS-like service indoors, raised $11 million in a Series A funding round. This brings the company’s total investment to date to $16 million.
Have you ever been inside a store or shopping mall so huge that you actually got lost? How about a football stadium or hotel and convention center? And they keep on making malls larger and larger, like the new American Dream mall in the Meadowlands in New Jersey.
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This is why Oriient was established. Oriient digitally transforms physical spaces with its advanced indoor positioning technology, which supports a wide array of business use cases. For retailers, Oriient enables in-store navigation (capturing revenue that would otherwise be lost due to unfound products), proximity marketing and foot traffic analytics.
Founded in 2017, Oriient develops accurate software-only indoor location services. The company boasts that it brings the convenience and data-fueled personalization of the digital world to the brick-and-mortar customer experience at massive scale. The company’s patented technology integrates directly with a business’s mobile app, harnessing existing sensors in every smartphone to deliver hyper-accurate positioning to within 3 feet/1 meter with no hardware installation required. Global retailers, delivery services, and smart buildings rely on Oriient to deliver incremental revenue through indoor navigation and proximity marketing, cost reduction of fulfillment, security enhancements, and increased efficiency of physical environments.
“When we set out to build Oriient, our vision was to create the world’s first truly software-only indoor location solution. We knew it had to be accurate, cost-effective, and scalable, and that we couldn’t compromise on those things,” says Mickey Balter, the company’s CEO and co-founder. “Thanks to previous funding, we were able to deliver on this promise and commercialize the technology. After achieving technological breakthroughs in 2021, we’ve seen great momentum in terms of adoption. This new round of funds will help us ride that momentum to the next level: illuminating all commercial buildings in the world with the visibility and data-driven insights of the digital world.”
Oriient recently announced two new partnerships. One is with grocery delivery giant Instacart. Oriient now powers in-store navigation used by Instacart’s shoppers at hundreds of stores in North America. The other is with Google, which makes Oriient indoor location services available on Google Cloud’s Marketplace as an SDK for retailers’ mobile apps.
