Mapping and location platform Magic Lane has raised €3M for navigation for micro-mobility, specialized vehicles, apps and platforms.
The round was led by No Such Ventures.
Magic Lane’s Software Development Kits (SDKs), allow companies to easily embed mapping, location, and navigation functionalities themselves into vehicles, apps, and online platforms in common programming languages. Its systems require minimal hardware, ensuring that the location data of its end-users are not traced and that navigation and routing also work offline. This makes the technology applicable to electric bikes, scooters, and other embedded applications, as well as providing solutions for companies with large fleets of vehicles
Its competitors include Google, TomTom, Here Technologies and Mapbox and Magic Lane Technology is used in logistics carriers, fleet management, ride-hailing and sharing platforms.
"With this investment, we can truly accelerate our efforts to transform the location industry," explained CEO Raymond Alves. "With our solutions, we address the evolving needs of the IoT and micro-mobility markets."
"The investment will be used to expand our commercial operations, strengthen marketing initiatives, and deepen partnerships that further develop Magic Lane's presence in new markets. Moreover, this investment enables us to enhance safety, accessibility, and efficiency in urban environments, starting in the micro-mobility market." "For IoT and specifically 'connected mobility,' to reach its full potential, smarter, lighter, and faster mapping and navigation solutions are needed than that are currently the norm. We are pleased to help Magic Lane in meeting that demand with this investment," added Thijn van Helvoirt, and investor at No Such Ventures.
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