Draper Esprit is pleased to add FocalPoint to its portfolio. Draper Esprit as the sole investor of this series B round injected £6m of capital into this Deeptech company that is revolutionising the accuracy of GPS and other global navigation satellite systems (GNSS).
The company works to solve inaccuracy problems plaguing global satellite positioning systems due to obscured, reflected, and weak satellite systems.
Focal Point plans to use the funds raised to accelerate deployment of next-generation positioning technology into Chipsets and devices across mobiles, wearables, vehicles and IoT.
Commenting on the round, Ramsey Faragher, CEO at FocalPoint, said:
“This is an important moment for our team. Signing our first deal with u-blox to integrate Supercorrelation into a commercial chip has increased the demand for our products from a multitude of different industries and use cases. This funding will help us to meet that demand and enable Supercorrelation and D-Tail to improve the lives and businesses of people across the globe.”
“The inaccuracy and security weakness of current GNSS technology is a global concern for consumers, policymakers and businesses alike, but Ramsey and the team at FocalPoint have made huge progress in solving both of these critical legacy issues. At Draper Esprit we're really excited to be backing them through the next stage of growth as this next-generation positioning technology is rolled out to devices we all rely on.”
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