Iiwari, a Finnish startup marketing new indoor positioning technology, has raised a €1.5 million seed round from Nordic deep tech VC, Voima Ventures, as well as some angel investors from the UK and US.
The company’s product is based on ultra-wide band (UWB) research conducted by the team at VTT Technical Research Center of Finland. Founded in 2018 and based in Kajaani, Iiwari purchased the key licenses from VTT to commercialise the technology and become its global operator. “Iiwari is going to market with a state-of-the-art, reliable, UWB indoor positioning system and great platform partners,” says founder and CEO Ville Kolehmainen.
Inka Mero, founder and managing partner of Voima Ventures, believes the Nordic technology can “solve the existing bottlenecks to enable secure people and asset tracking in a scalable and cost-efficient manner.” In a press release, the startup claims its UWB solution is more accurate and affordable than methods using WiFi and Bluetooth, and suggests applications across security, healthcare, retail, logistics and mining.