OriginGPS, a manufacturer of miniature Global Navigation Satellite Systems (GNSS) solutions, has closed US$1.75 million of funding from existing shareholders and the technology accelerator, Lab IX.
Lab IX is a part of Flex, a sketch-to-scaleT solutions company that designs and builds intelligent products for a connected world.
Drawing on its decade of experience, OriginGPS has developed innovative solutions to address the growing sector of wearables by creating GNSS modules with ultra-small form factors and low power consumption, which are ideal for many of the next generation devices that Flex designs and manufactures. According to merchant bank, Morgan Stanley the wearable technology market is currently experiencing “explosive growth”, from six million shipments two years ago to an estimated 248 million shipments in 2015.
Gal Jacobi, CEO of OriginGPS, said: “Flex is the perfect partner for OriginGPS to maximise the capabilities of wearable devices. Its extensive hardware ecosystem and experience with many of the world’s leading tier one brands, including wearable products, complements our experience in developing the world’s smallest GNSS solutions. This will accelerate the velocity with which we develop even smaller and more powerful modules. We look forward to working together to push the boundaries of what’s possible in this rapidly-growing market.”
“We are excited at the potential of the OriginGPS technology platform offering for wearables,” said Jeannine Sargent, president of Innovation and New Ventures at Flex. “It’s great to be collaborating in this space.”