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Singapore start-up raises $1.2m from Walden, Innosight

  • Alvina Yuen
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Singapore-based YFind Technologies has raised S$1.5 million ($1.2 million) in a Series A funding round led by Walden International and Innosight Ventures. The indoor GPS start-up will use the funding to accelerate its development of applications including retail intelligence, location based services and advertising.

Established in October 2010, YFind has developed a technology that creates an indoor GPS environment in buildings and densely-built urban areas, providing location information with up to accuracy of up to three meters. The system is WiFi-based and works on most mobile computing platforms including iOS, Android, Windows Phone and Blackberry.

Yong Soo Ping, director at Walden International Singapore, said in a statement that people, businesses and governments will take advantage of location-aware services as the number of smartphone users increases. He also pointed out that the accuracy and reliability of YFind's indoor positioning system is likely to generate waves of innovation in the future.

"As YFind technology is deployed indoors, where people spend most of their time, it will unlock all kinds of disruptive innovation in mobile apps, social networking, retail management, advertising, and other areas," added Pete Bonee, partner at Innosight Ventures.

As part of the transaction, both Yong and Bonee will join the YFind Board.

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