Series C fundraise announced in NYC as customer demand grows
Thursday 8th September
After many months of hard work from the whole FocalPoint team, we’re really pleased to announce we’ve closed a multi-round Series C funding round of up to £23m from a consortium of investors co-led by Molten Ventures and Gresham House.
This funding will enable us to continue our mission to revolutionise the accuracy of GPS and other global navigation satellite systems (GNSS) by:
scaling up our customer support operations to meet the growing demands of equipment and chipset manufacturers
grow our R&D teams
pursue opportunities in other radio technologies, including 5G and WiFi
FocalPoint CEO Scott Pomerantz commented: “We are delighted at this show of confidence in FocalPoint from new and established investors amidst a challenging market backdrop. Our IP portfolio is strong, this injection of capital will enable us to move faster to meet the demands of several big customers in the US and South East Asia, and to accelerate our IP portfolio growth.”
Since our successful £6m Series B funding round in 2021 with Molten Ventures, then Draper Espirit, as the sole investor, we have almost doubled our headcount across our UK and US offices.
A few of the team gathered at our Cambridge (UK) HQ
Solving the critical issue of GPS inaccuracy and spoofing
Our groundbreaking Supercorrelation software enables a new class of satellite positioning receiver that can measure the directions of the incoming signals, allowing them to ignore reflected signals and fake ‘spoofed’ signals, making them more accurate in cities and more resilient against spoofing attacks.
Spoofing is used by criminal networks, maritime pirates, and fraudsters to broadcast fake satellite signals and confuse the receiver. This is a critical threat to business and consumers, particularly as the criminals become more sophisticated and the cost of spoofing technology comes down.
Security agencies have detected a marked increase in spoofing activity in Ukraine and in regions close to Russia’s borders, causing the European Union Aviation Safety Agency to issue a warning to commercial aviation in the area.
Supercorrelation technology can instantly detect fake signals as spoofers and ignore those signals and pinpoint where in the physical environment the signal is coming from. It is the only consumer-grade product in the market capable of these unique performance characteristics.
FocalPoint Founder, President and CTO Ramsey Faragher commented: “It has been an amazing experience to grow this company from an idea in my head to an established and world-leading GNSS technology provider. As we continue to add more GNSS customers and partners to our list, I’m excited to be now developing further IP to grow our footprint into other radio technologies and even larger markets.”
Featured blog image: FocalPoint featured on the Nasdaq billboard as part of a Molten Ventures Portfolio Roadshow in New York.