IoT Location Firm Raises $12.5M in Private Funding
Monday, October 14, 2019 | Comments

Polte, which offers internet of things (IoT) location technology, raised $12.5 million in strategic funding from private investors. The Series A-2 funding will enable the company to focus on deployments of commercial and industrial applications of Polte’s patented “alternative to GPS,” the company said.

“This round of funding from committed and seasoned investors enables us to expand our team to deploy and deliver our affordable, accurate and secure location services,” said Ed Chao, CEO of Polte. “Businesses across all sectors and geographies know that location services are essential in enabling organizations to have unprecedented visibility into their assets and operations. Polte technology is less expensive to deploy at scale, an order of magnitude more accurate, and more secure than current approaches to location information.”

Leveraging 4G and 5G networks worldwide, the Polte location platform enables users to more effectively track and manage distributed assets. The new funding equips Polte to deploy its location offering with key technology and channel partners. Additionally, early adopters will illustrate a new set of use cases, customer service innovations, and financial savings resulting from Polte’s patented cloud-based location service.

With more than 75 patents and patents pending, Polte delivers a highly accurate, cost-saving solution that requires minimal power consumption. The technology functions indoors and outdoors. Use cases range across supply chain, logistics, transportation, manufacturing, energy, automotive and sharing economy sectors where assets are in motion and/or widely dispersed.

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