Indoor Mapping Company NavVis Announces Funding

navvis logo_whiteNavVis GmbH announced that it had raised funds from new investors Target Partners and MIG Fund 15, a fund co-managed by existing investor’s HMW Emissionshaus AG and MIG Verwaltungs AG. The round will also see participation from existing investor MIG Fund 12 along with other existing investor BayBG and business angel investors.

NavVis GmbH develops and delivers technology solutions for centimeter accurate mapping, navigating, and virtual interaction in indoor spaces. The company was founded in 2013 and is based in Munich, Germany.

“We intend to rapidly expand our technological edge. In order do this, we required capital for the further growth and market development of our company,” says NavVis Managing Director Dr. Felix Reinshagen. “Not only are BayBG and MIG financially-strong investors, but they also possess relevant industry experience through their successful involvement in the high-tech sector. This makes them ideal partners for NavVis.”

Peter Pauli, Board Member at BayBG says “With their Indoor-Navigation and Mapping technology, NavVis is capturing a growing market”. Axel Thierauf, Venture Partner at MIG AG adds: “With NavVis, we are pleased to present an exciting startup company in our portfolio. I’m certain that the global context, the quantum leap in the technology and the thrilling applications will make it possible for NavVis to unlock a market worth billions.”

With the proprietary, patent-pending mapping trolley from NavVis, a mobile scanner that is equipped with lasers and cameras, the complete three-dimensional recording of an entire building can be quickly and efficiently achieved by anyone for the first time. Felix Reinshagen: “After a brief instruction, one person can use our trolley to map up to 50,000 square meters of an interior space in a day. This makes us significantly faster and more affordable than all other mapping methods available today.”navvis slide1

Founded in May 2013, NavVis is currently focused above all on business-to-business applications. Reinshagen: “Our technology is aimed at a vast global market. Up to this point, very few interior spaces such as factories, offices, museums, shopping centers and airports have been digitally captured. We estimate that at least 100 billion square meters of interior spaces will be digitized in the next ten years!”

This corresponds to around a third of all interior spaces in the world. The demand for the digitization technology from NavVis has rapidly grown: Over the past weeks, the company has concluded numerous contracts with pilot customers from a range of key industries, such as automobile, retail and wholesale. The mapping trolley is therefore going into small series production.

The next stage of NavVis technology goes beyond mapping, offering also indoor navigation. Users can access “turn-by-turn” directions through any already-mapped building via a smartphone. Similar to human orientation, the technology is “vision based”, using the smartphone’s camera. No additional infrastructure, such as Wi-Fi Hotspots, RIFD or Bluetooth, is required.

Named “Munich’s Best Startup” in the summer of 2014, NavVis recently began a partnership with the Deutsches Museum to digitize its complex exhibition spaces. The customers retain ownership of their data, which was a key criterion in the Deutsches Museum’s decision to collaborate with NavVis. The fully-digitized and 3D-captured shipping exhibition is available on the internet at www.deutsches-museum.de/ausstellungen/entdecken/rundgang.