Deep-tech firm FocalPoint has concluded a £23 million Series C funding round.
The Cambridge-based company focuses on global positioning system (GPS) accuracy issues.
The funding will enable FocalPoint to continue its mission to “revolutionise” the accuracy of GPS and other global navigation satellite systems (GNSS), it said.
The firm stated it would achieve this by scaling up customer support operations to meet the growing demands of equipment and chipset manufacturers, grow its R&D teams, and pursue other opportunities in radio technologies including 5G and WiFi.
The latest funding round was secured from a consortium of investors co-led by Moltern Ventures and Gresham House.
Scott Pomerantz, chief executive of FocalPoint, commented: “We are delighted at this show of confidence in FocalPoint from new and established investors amidst a challenging market backdrop.”
He added: “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.”
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