12.09.2014

Baidu invests USD 10 million in Finnish company IndoorAtlas

Finnish magnetic positioning technology is now poised to capture the Chinese market.

Baidu, the leading Chinese language Internet search provider, has invested USD 10 million in the Finnish company IndoorAtlas, the global leader in magnetic positioning technology for indoor location. IndoorAtlas is also signing an exclusive agreement for the Chinese market with Baidu. Through the partnership with IndoorAtlas, Baidu intends to strengthen its indoor mapping offering with cutting-edge technology that will be unique in China.

“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’ 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.”

University of Oulu spin-off

IndoorAtlas uses earth’s geomagnetic field to pinpoint the exact location inside a building with an accuracy of two meters. 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 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. “We are excited to have an Internet company like Baidu as our partner as we grow and expand our footprint,” said Haverinen. IndoorAtlas will be using the funding towards ramping up R&D, engineering and business development in the Unites States, Asia, and Europe.

Source: IndoorAtlas