Situm rises 3 million euros to build up its leadership in indoor positioning and navigation
- The round has been led by Swanlaab and Prosegur Tech Ventures, together with Amadeus, Unirisco and Xesgalicia, from Xunta de Galicia.
- Situm technology allows geolocation inside a building with high precision and with a minimal - infrastructure.
- The company is present in different sectors: services, healthcare, large-scale distribution and corporate headquarters of large companies.
- Situm indoor GPS has been deployed in more than 5.000 buildings around the world.
Madrid, September 30th, 2019. - Situm, the leader technology company in indoor positioning, navigation and tracking has closed a financing round of 3 million euros. The capital injection will allow the company to accelerate its growth and achieve its international expansion plan.
The round was led by Swanlaab Venture Factory, a Spanish-Israeli management company placed in Madrid and Tel-Aviv, together with Prosegur Tech Ventures, Corporate Venture Capital of Prosegur, the world leader security company. Amadeus, Unirisco and Xesgalicia – from the Economy, Employment and Industry Council of Xunta de Galicia - also participated.
Situm is a company specialized in indoor geolocation able to provide a precision that does not exist among the current offer in the market. Thanks to the development of its own technology and an algorithm that combines the existing signals in buildings (bluetooth, wifi and geomagnetic field), it achieves a higher precision than outdoors GPS technology. Situm provides its services with minimal infrastructure thanks to an easy deployment mobile technology. The platform, which has already been installed in more than 5,000 buildings around the world, allows the optimization of processes involving people and assets of any area. Nowadays, Situm has got clients from countries as United States, Singapore, Thailand, Colombia, Russia, France and Spain.
Situm has multiple use cases. For example, it allows a visitor in a hospital, shopping mall or large building to know its location in real time and get instructions to reach its destination (QuirónSalud Hospital Group). Service companies (Acciona, Ferrovial) also use Situm's technology to locate their key staff and ensure the effective execution of a task. On other occasions, Situm is used to optimize the use of motorized machinery inside a factory (automotive and industry 4.0).
According to Víctor Álvarez, Situm CEO, “geolocation has always been one of the main sources of information that allow companies to improve their processes. Thanks to Situm, now they can also do it indoors". In addition, "we are very proud to allow the existence of mobile applications that provide greater more autonomy to people with visual disabilities in shopping centers, hospitals and airports.
Verónica Trapa, Swanlaab Venture Factory Managing Director, points out “Situm and its technology allows the process optimization to companies that work with infinite human resources and material assets” Moreover, “The great acceptance that Situm has had in national and international markets and the need to optimize these processes in different sectors, make the company a safe bet. Now, Situm has to execute a scalable growth strategy and a strong international expansion". Trapa affirms.
Javier López-Huerta, Prosegur Expansion Director and Prosegur Tech Ventures Director, highlights that "for companies as Prosegur, Situm's technology represents a great competitive advantage as it allows us to optimize the use of our deployed resources in the client. In addition, with this investment we continue to promote the development of new technologies that have a groundbreaking impact in the security field, besides leading the security industry shift through the incorporation of technology-based solutions to services.
The assessors for this deal were Fourlaw y Rousaud Costas y Durán.
Situm Indoor Positioning is company with international vocation founded in Santiago de Compostela. It stands out for its precise technology of indoor geolocation without the need of an expensive investment in antennas. Its solutions guide people to their destination and optimize processes inside large buildings.
About Swanlaab Venture Capital:
Swanlaab Venture Factory is a Spanish-Israeli Venture Capital fund manager based in Madrid and Tel-Aviv. Since 1992, the group has managed more than $600M through 7 funds, with geographical focus of investment in Israel, Poland and Spain. Swanlaab invests in early-stage companies, mainly A series, with a focus on product and high level of scalability, where technological differentiation has a relevant value and with B2B business models. Historically, the group has made more than 130 investments, with more than 40 successful exits, of which 8 were IPOs, and currently has 45 portfolio companies.
Prosegur is a global reference in the private security sector. Through its three business lines, Prosegur Security, Prosegur Cash and Prosegur Alarms, it provides companies and households with reliable security based on the most advanced solutions on the market. With a global presence, Prosegur had a turnover of 3,939 million euros in 2018, and it is listed on the Spanish stock exchange under the PSG indicator and currently has a team of more than 170,000 employees.
Prosegur Tech Ventures is Prosegur's investment fund, under the Corporate Venture Capital modality, with an initial endowment of 30 million euros. This initiative is part of the global transformation project in which Prosegur has embarked. The company seeks, in collaboration with its investees, to strengthen its offer of services in both physical and logical security and to continue generating value for the group in the long term.
For more information visit www.prosegur.com
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Press contact: Swanlaab Venture Capital:
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