We wrote about Singapore-based startup, YFind, about a year ago. And today, we received news that it has concluded a SGD$1.5 million (US$1.18 million) Series A round led by Walden International and Innosight Ventures. This investment also sees Yong Soo Ping from Walden and Pete Bonnee from Innosight joining the YFind board.
The startup aims to make buildings intelligent through its YFind Positioning System (YPS), a patent-pending technology. YPS makes use of wi-fi networks to detect positioning on a mobile device accurately. Since most buildings in cities have wi-fi signals, it requires little effort to ensure accurate location detection, even to floor and store unit accuracy. In other words, it tracks positioning both on the vertical and horizontal plane. Watch the demo video to understand the concept a little better:
YFind comes with several business opportunities. For example, if there are enough users generating data, businesses can understand foot traffic and the behavior of consumers. Pinpoint location-based promos and ads could also be one of the revenue sources. It also has plans to make available an API for developers to build apps on top of its platform.
The startup was founded by Dr. Ting See Ho, Melvin Yuan, and Dr. Han Yang. The team looks pretty solid with two Dr. salutations. Over the last year, YFind received several proof-of-concept grants to research on its YFind Positioning System technology. This round will allow YFind to have more mileage on research and business development.
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