The funding round was led by Draper Esprit to support the deployment of next generation positioning technology.
"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."
Eldridge led the Series B round alongside existing backers Index Ventures, Sussex Place Ventures, and Contour Ventures.
"The pressure on business leaders to deliver more change at a faster pace, and with more resiliency, is not new. However, the move to a distributed and remote workforce has made it ever more challenging. As a result, we are seeing digital transformation and the drive to move work from analogue to digital, rising rapidly on the C-level agenda,"
Downing Ventures led the Series B round with participation from Bain Capital Ventures, Uncorrelated Ventures, MMC Ventures, and Chestnut Street Ventures.
"Securing a further significant round of funding is an important step in the development of the business and a huge vote of confidence in our team, technology and achievements to date,"