Israeli indoor retail positioning company Oriient has today announced the closing of $4 million in seed funding from F2 Capital and innogy Innovation Hub.
The Tel Aviv based company, which pioneers high-performance indoor GPS, also announced it is already working with the world’s largest retailers, as it scales to unlock the power of indoor navigation by delivering an experience similar to online search, to in-store shoppers.
Oriient provides enterprise level businesses including retailers, airports, malls and wholesalers, with the ability to allow their customers to navigate large areas and locate items with pin-point accuracy. The service is the first solution of its kind requiring neither installation nor hardware: instead of using beacons or WiFi, it is based on just the earth's magnetic field and users’ smartphones.
Oriient founder and CEO Mickey Balter said, “Amazon Go put the retail industry in a frenzy - big box retail is focusing on saving people the five minutes it takes to checkout, but what about the hour spent trying to find everything in the first place? We started Oriient to solve this problem and have cracked the code with technology that is highly accurate, cost effective and easy to deploy.”
Published by Globes, Israel business news - en.globes.co.il - on April 25, 2019
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