VCs invest $10m in Chinese positioning technology provider
China and US-based startup Kolmostar, which provides positioning technology such as GPS for internet-of-things (IoT) devices and autonomous vehicles, has raised $10 million in a new round of funding led by AB Initio Capital Management.
Other participants include Chinese VC firm FreesFund, East Bell Venture Capital and Star VC.
Kolmostar was founded in 2016 and develops low-power, high-precision positioning technology that can be used in a wide range of applications in metropolitan environments. Its solutions include high-dimension statistical signal processing, as well as cloud computing to reduce GPS sensors’ positioning errors and power consumption.
Prior to launching the company, co-founder Tao Tong established Lion Semiconductor, a Silicon Valley-based start-up that designs power management integrated circuits. Vincent Hua, another co-founder, previously worked at Google and Apple. Kolmostar raised an angel round from FreesFund, which later re-upped for the company's pre-Series A together with East Bell.
With the growing popularity of IoT and smart wearable devices among mass consumers, low-cost positioning technology with high accuracy and low power consumption are expected to see a period of “explosive growth” in demand, said Haifei Zhang, a founding partner at AB Initio Capital.
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