BELLEVUE, Wash., Nov. 28, 2018 /PRNewswire/ -- Point Inside (www.pointinside.com), the leader in indoor mapping and SaaS solutions for all industries, today announced that Vestech Partners, a private equity investment firm focused on growth investing, led a $3.5 million investment round to scale sales and marketing of Point Inside's award winning indoor data and mapping platform.
"With over $50 million invested in completing our indoor mapping platform, it is time to accelerate our sales and marketing efforts," said Josh Marti, CEO and co-founder of Point Inside. "Our mapping platform allows venue owners from malls, warehouses, hospitals, arenas, corporate campuses and airports to purchase and deploy our interactive maps to their web sites or apps in less than an hour."
"Our customers need indoor maps to create context for IoT data," said Mr. Marti. "Everybody is looking for an easy way to generate and extract the spatial intelligence naturally occurring in these venues as an input into artificial intelligence applications."
The Company's newly released IndoorData.io solution identifies and tags the intersection of device location records with indoor points of interest. The fresh capital will be used to accelerate sales and marketing of the IndoorData.io solution to retail, travel and technology enterprise companies interested in OEM'ing the Point Inside platform. For instance, real estate executives can leverage the spatial intelligence from 1250 mall maps to machine learn if a potential store location in the mall will outperform or underperform existing stores in the portfolio based on its relationship to category peers, parking, entrances or proximity to popular stores like Apple, Tesla or Nordstrom.
"Point Inside has a unique, accurate and high fidelity spatial platform that can be used for data enrichment and sold widely into the location based data market," said chairman and co-founder Jon Croy. "Vestech Partners' follow-on investment will enable Point Inside to reach these incredibly rich markets by extending indoor data processing to help so our customers and their clients achieve more from their existing offerings." Last month's publishing by Grand View Research reported the global indoor LBS market size is expected to reach USD 18.74 billion by 2025, rising at a CAGR of 37.8% during the forecast period.
About Point Inside, Inc.
Point Inside™, Inc. offers easy to use indoor mapping API's for integration into apps and platforms for all industries and use cases. Pioneering the space since 2009, Point Inside has the most cost effective and robust set of indoor mapping features and SDK's for all device types. All maps are customizable, editable and mapped in the GPS coordinate system for integration with outdoor mapping providers. Point Inside has produced and updated over 100,000 maps for current and past client projects including JetBlue, Disney, Lowe's, Target, United Airlines, GGP and many more. Additional details can be found at: www.pointinside.com or follow us on Twitter at www.twitter.com/PointInside.
SOURCE Point Inside Inc.