Quuppa raises €20 million to accelerate growth

Quuppa, developer of the Quuppa Intelligent Locating System, has announced its first ever round of funding, worth €20 million. The investors for the round are Finland-based private equity fund Bocap, which focuses on high-growth small and medium-sized enterprises, and Tech Consulting Group TCG Oy (TCG), with solid experience and a track record of growing Finnish technology companies in the international market.

Quuppa was established in September 2012 by the team responsible for the invention of the High Accuracy Indoor Positioning (HAIP) at the Nokia Research Center. Based on the discovery of the superiority of the Angle-of-Arrival method, the team developed the algorithms and conducted the extensive research and testing required to solidify the technology into a proven concept.

Since then the company has enjoyed a healthy run of growth and cashflow, reaching a revenue of €10 million. Now the company aims at using the raised funds to take a bigger leap into global markets.

“With the new investment, we are able to scale up our services, support our global partner network better and further develop our technology and services. Our aim is to grow from €10 million to €100 million in five years and establish our position as a market leader,” said Kimmo Kalliola, CEO and Founding Partner of Quuppa.

Quuppa has already deployed more than 2000 location-based service solutions and has over 170 partners worldwide. In addition to Finland, Quuppa has offices in the United States, China, Australia and the United Arab Emirates.

The Quuppa Intelligent Locating System enables customers in a variety of industries to accurately and reliably locate Bluetooth-enabled devices. Its methodology and positioning algorithms enable real-time tracking with centimetre-level accuracy.

Quuppa’s technology is used in several vertical markets, including manufacturing, health care, smart buildings and even in sports. The location tracking system has improved the production and operational efficiency in many factories and warehouses globally.

“Industry 4.0 introduces the idea of smart factories that are automated and optimised for best performance. Our customers can improve their production efficiency and operational safety by locating people and assets in real time,” Kalliola said.

The healthcare sector is also growing rapidly with end users such as Fukui University Hospital in Japan. As the location tags can be integrated with pulse measurement, oximetry and blood pressure measurement devices, the system can provide cross-functional benefits for the industry.

“We are thrilled about the various use cases of Quuppa’s indoor positioning platform. If the system can track a hockey puck flying over 160 kph in real time it shows how robust the technology is," said Risto Virkkala from TCG.