Mappedin Secures $24.5 Million Series B for City-Wide Indoor Mapping Expansion
Kitchener-Waterloo-based software startup Mappedin has raised $24.5 million USD in a Series B financing round to accelerate its mission of creating city-scale indoor maps. The all-equity round was led by Edison Partners, with participation from new investor Betatron Venture Group, bringing the company's total funding to over $35 million. Founded in 2011, Mappedin utilizes AI and LiDAR technology to transform floor plans into dynamic 3D digital maps for navigation, operations, and safety. The platform currently covers over 10 billion square feet across 86 countries, serving major clients like Simon Property Group and LAX. CEO Hongwei Liu stated that while the company impacts a third of Canadians and Americans annually, significant market awareness remains untapped. The new capital will support expansion from individual buildings to comprehensive city-wide mapping, enhancing tools for first responders and public venues. With over 500 paying customers and 50 percent year-over-year growth, Mappedin aims to achieve profitability within the next year. Investors view the company as poised to become the standard indoor mapping layer for the built world, addressing the fact that less than one percent of global indoor space is currently digitally mapped.
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Mappedin Secures $24.5 Million Series B for City-Wide Indoor Mapping Expansion
Kitchener-Waterloo-based software startup Mappedin has raised $24.5 million USD in a Series B financing round to accelerate its mission of creating city-scale indoor maps. The all-equity round was led by Edison Partners, with participation from new investor Betatron Venture Group, bringing the company's total funding to over $35 million. Founded in 2011, Mappedin utilizes AI and LiDAR technology to transform floor plans into dynamic 3D digital maps for navigation, operations, and safety. The platform currently covers over 10 billion square feet across 86 countries, serving major clients like Simon Property Group and LAX. CEO Hongwei Liu stated that while the company impacts a third of Canadians and Americans annually, significant market awareness remains untapped. The new capital will support expansion from individual buildings to comprehensive city-wide mapping, enhancing tools for first responders and public venues. With over 500 paying customers and 50 percent year-over-year growth, Mappedin aims to achieve profitability within the next year. Investors view the company as poised to become the standard indoor mapping layer for the built world, addressing the fact that less than one percent of global indoor space is currently digitally mapped.
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