Israeli startup Oriient, the developer of indoor positioning solutions, announced a $11 million Series A fundraising round on Tuesday, increasing the total investment in the startup to $16 million.
Investors include OurCrowd, Regal Four (a Beren family venture firm), F2 Venture Capital, NGN Partners, and Future Energy Ventures invested in this round.
Founded in 2017 by CEO Mickey Balter and CTO Amiram Frish, Oriient has developed algorithms that employ Earth’s magnetic field, smartphone readings, and artificial intelligence to reliably find each user within a building without the need to install hardware.
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Oriient’s innovative indoor positioning technology, which enables many corporate use cases, digitally changes physical places. The company facilitates merchants’ in-store navigation, proximity marketing, and foot traffic analytics. It also streamlines operations through route optimization and the ability to monitor job completion.
Oriient has announced two new agreements that solidify its position as a leading player in its initial target sector, retail outlets. One is with the supermarket delivery business Instacart.
The company now enables Instacart’s in-store navigation at hundreds of retailers across North America. The second partnership is with Google, making Oriient’s indoor location services available on Google Cloud’s Marketplace as an SDK for merchants’ mobile apps.
“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,” said Mickey Balter, the company’s CEO and co-founder.
