Humatics Corp., which is developing microlocation products and software for industrial applications, today announced raising $28 million in an oversubscribed Series A1 funding round. Led by Tenfore Holdings, the round brings the precision platform provider’s total financing to more than $50 million.
Blackhorn Ventures and JCI Ventures, the corporate venture arm of Johnson Controls, also participated in the round, along with major investors from the company’s prior Series A financing in September 2017. This includes Fontinalis Partners, Airbus Ventures, Lockheed Martin Ventures, and Presidio Ventures.
The additional funding will help Humatics meet demand for its Spatial Intelligence Platform, which “precisely positions machines, people, and things in complex environments,” the company said.
In addition to expanding operational capacity at its new 25,000-square-foot headquarters in Waltham, Mass., the company said it will scale production of its KinetIQ 100 peer-to-peer ranging product and accelerate time to market for its KinetIQ 300 product for 3D positioning.
Humatics said it is targeting microlocation applications in warehousing, manufacturing, and commercial ports that require down to 2 centimeters of precision and repeatability up to 500 meters away.
Examples of precision platform applications include:
- Wireless, tapeless autonomous guided vehicle (AGV) navigation and forklift tracking for indoor and outdoor environments;
- Collision avoidance and automated crane positioning in harsh environmental conditions, including those found in steelyards, ports, and mines. The precision platform company cited environments such as the Tata Steel steelyards in India as one such environment.
- Increased rail signaling capabilities in tunnel environments that require long-distance range.
Since its Series A funding, Humatics has acquired 5D Robotics and Time Domain Corp., expanded to nearly 70 employees, launched commercially at the International Manufacturing Technology Show, and shipped KinetIQ products globally.
“I am proud of our team’s incredible milestones this past year,” said David Mindell, co-founder and CEO of Humatics. “With this new financing, we will address the best problem a growing company can face: overwhelming customer demand. Our customers need microlocation deployed like Wi-Fi as a facility-wide service and hunger for the ‘virtual grid’ of precise location services that our Spatial Intelligence Platform provides.”
Dan Levine, managing partner at Tenfore Holdings, will join the Humatics board.
“With its strategic focus on industrial applications, Humatics microlocation can unlock tremendous value by driving greater efficiency and safety in factories, warehouses, ports, and logistics centers,” said Levine. “Other products in development have the potential to cement Humatics’ position as the leader in developing a microlocation ecosystem that we believe can be as groundbreaking as the first commercial introduction of GPS a couple of decades ago.”