Redpoint Positioning Corp., a developer of a real-time location system solution, receives series A-1 funding from the Chinese company.
Boston, Massachusetts, July 24, 2017 – Redpoint Positioning Corporation announces it has received Series A-1 funding from a consortium led by BHY Investment, an investment firm located in Shenzhen, China. Redpoint plans to use the funding to expand its real-time location system technology to several industrial verticals.
BHY’s support marks an exciting milestone in Redpoint’s development, as BHY is a company that invests in only the most promising up-and-coming leaders in telecommunications, web applications and the Internet of Things. ”High-fidelity, real-time location information is essential in the fast growing IoT space,” General Manager of BHY Zhe Xu said. “The fundamental technologies developed at Redpoint enable a low-cost, highly scalable indoor positioning platform that supports a wide range of applications and has unlimited potentials. We are delighted to invest in not only Redpoint technologies but also in a Redpoint team with technical competency, honesty, and integrity.”
“We are truly appreciative to all our investors for their trust in us and for their belief in our technologies and business strategy,” Redpoint CTO Chunjie Duan said. “With the additional funding, we will be able to stay focused on developing fundamental technologies and extending the capability of our core RTLS platform to support expanding applications. We will continue to rely on partnership to bring the products into new market sectors.”
About Redpoint Positioning Corp.
Founded in 2010 in Cambridge, Massachusetts, Redpoint developed a real-time location system (RTLS) platform using wireless network anchors to create customized, robust mesh-network infrastructures for its clients. This self-calibrating, self-healing infrastructure enables high-precision tracking and navigation services in complicated indoor environments as well as outdoors. With its patented algorithms and system architecture, Redpoint created a system that offers superior accuracy at a significantly lower cost than competing location systems. Accurate real-time location tracking enables operators to monitor safety concerns, optimize efficiency of operations and manage large quantities of assets, all from the screen of a smartphone, tablet or desktop computer.
About BHY Investment
BHY Investment, a branch of Horoy Enterprise Holdings Ltd., is an investment company based in Shenzhen, China. Focusing on long term investment in early stage technology companies with high potentials, BHY have invested in over 40 projects with successful track records, spanning over alternative energy, internet and telecommunications as well as many other industries. BHY promotes projects that have innovative business models, demonstrable growth and enthusiastic, ethical management.