Quuppa has just completed a successful first round of funding. A global specialist in real-time location systems (RTLS), the investment has injected an additional €20 million into the company which will be used to grow Quuppa’s presence in global markets, providing fresh revenue opportunities for current and future customers.
Established in 2012, the Quuppa Intelligent Locating System enables customers across a variety of industries, including manufacturing, healthcare, smart buildings and sports, to accurately and reliably locate Bluetooth-enabled devices. Its unique methodology and positioning algorithms enable real-time tracking with centimetre-level accuracy.
Quuppa has reportedly seen a run of growth and healthy cashflow, reaching an annual revenue of €10 million. Following the investment by Finland-based private equity fund Bocap and Tech Consulting Group TCG Oy (TCG), customers are increasingly positive about the potential of a global market for RTLS that is expected to reach €7.5bn by 2023, at an annual growth rate of 22.5% according to MarketsandMarkets latest research.
Iacopo Carreras, founder and CIO of ThinkIn says: “Being a strong Quuppa believer and partner since 2013, and having shared with them a large portion of ThinkIn journey, it’s a pleasure to see such a fantastic and well deserved result!”
“I’m sure the investment will further support the growth and adoption of Quuppa and RTLS technologies in many different sectors, and let us focus on what we believe are good at: connecting the (blue) dot on the map to value added services for our customers,” he adds.
His words were echoed by Tomas Melisko, head of Symbiosy at HB Reavis, wo says “Right from the start, we have been impressed with the Quuppa technology in terms of accuracy, reliability, and customer service, and we look forward to continuing our partnership into the future.”
Terence Phebey, founder of Indutrax added “Quuppa helps us on a daily basis to win new customers and promote our joint solution. We continue to be impressed with the Quuppa BLE AoA technology which regularly exceeds our expectations both in terms of accuracy and reliability in the demanding industrial environments of our customers”
Quuppa has already deployed more than 2 000 location-based service solutions and has over 170 partners worldwide. In addition to Finland, Quuppa has offices in the United States, China, Australia and the United Arab Emirates.
Kimmo Kalliola, CEO of Quuppa comments: “With the new investment, we are able to scale up our services, support our global partner network better and further develop our technology and services. Our aim is to grow from €10m to €100m in five years and establish our position as a market leader.
He adds, “Industry 4.0 introduces the idea of smart factories that are automated and optimised for best performance. Our customers can improve their production efficiency and operational safety by locating people and assets in real-time.”