Indoor GPS Developer Oriient Raises $4 Million

Tel Aviv-based Oriient New Media Ltd. announced on Thursday the closing of a $4 million seed investment by F2 Capital and Innogy Innovation Hub, an accelerator and the venture capital arm of German energy company Innogy SE.

Founded in 2016, Oriient develops an indoor GPS app intended to provide real-time location services and motion analytics with an accuracy of just under one meter. The company uses earth’s magnetic field for orientation, with clients including retailers, airports, malls, and wholesalers.