Waymap secures £7m in seed funding led by the TELUS Pollinator Fund for Good to fuel international expansion.
The investment round was led by TELUS with participation from Venrex and Comprador Holdings.
Waymap develops a precise navigation application that functions outdoors, indoors, and underground without relying on GPS. The deep tech software uses standard smartphone sensors to provide high accuracy positioning for individuals with disabilities and general commuters alike.
London based navigation technology firm Waymap has secured £7m in a seed funding round led by the TELUS Pollinator Fund for Good. The capital injection was supported by participation from original backer Venrex alongside Comprador Holdings.
Funds from the raise will be directed towards international expansion efforts, growing mapped footprints in the Asia Pacific and Middle East regions, and further development of the company sensor fusion localisation technology. Waymap aims to scale its metre accurate navigation system which operates independently of GPS across complex indoor and subterranean environments.
The business addresses significant mobility challenges faced by disabled and visually impaired individuals, while offering efficiency gains for general commuters. The latest investment brings fresh backing to the enterprise as it rolls out its technology across major transit systems including the Washington DC Metro.
From the founder
"Waymap has set itself the goal of revolutionising how everyone accesses the world. It is a global undertaking and one that requires investors, like TELUS, that not only share our vision and values, but have the strength of expertise and know-how to make this achievable. At a time of reduced inward venture capital investment in the UK, we are so proud that we have bucked the trend. This is, in no small way, down to the strength of our team, who are totally dedicated to making our towns and cities accessible for everyone."
Tom Pey
CEO and Founder at Waymap
Investor perspective
"We’re pleased to celebrate our first investment in the UK by leading a financial round in Waymap which underscores the strength and growth potential of the purpose-driven startup’s product and its strong leadership that work tirelessly to help visually impaired people safely navigate their daily life"
Blair Miller
Managing Partner, TELUS Pollinator Fund for Good
Use of funds
- 01Expand into international markets
- 02Continue product development
- 03Fund research and development