Pioneering technology platform set to transform in-store experience
for world’s largest retailers
TEL AVIV, Israel–(BUSINESS WIRE)–Oriient, pioneers of high-performance indoor GPS, announced today the
closing of $4m in seed funding from F2 Capital and innogy Innovation
Hub, the accelerator and venture capital arm of innogy SE, a leading
German energy company. The company also announced it is already working
with the world’s largest retailers, as it scales to unlock the power of
indoor navigation by delivering an experience similar to online search,
to in-store shoppers.
Oriient provides enterprise level businesses including retailers,
airports, malls and wholesalers, with the ability to allow their
customers to navigate large areas and locate items with pin-point
accuracy. The service is the first solution of its kind requiring no
installation nor hardware: instead of using beacons or WiFi, it is based
on just Earth’s magnetic field and users’ smartphones.
“Amazon Go put the retail industry in a frenzy – big box retail is
focusing on saving people the five minutes it takes to checkout, but
what about the hour spent trying to find everything in the first place?”
said Mickey Balter, Founder and CEO of Oriient. “We started Oriient to
solve this problem and have cracked the code with technology that is
both highly accurate, cost effective and easy to deploy.”
“It is with technologies like Oriient that retailers put customers
front-of-mind and can provide shoppers and employees alike an easier,
more convenient experience inside their store, and not only does Oriient
recover money that has been left on the table through untraceable
products, it also helps retailers and brands to upsell via their instant
targeted promotion feature. That’s why they have been a perfect fit for
our METRO Accelerator for Retail,” said Sylvia Dudek, from METRO.
Jonny Saacks, Co-Founder and Managing Partner at F2 Capital added:
“Oriient is finally solving a long-standing problem in the market
providing accurate indoor positioning without the need to deploy any
costly infrastructure. Applicable to many use cases across multiple
industries, we are excited to support the talented team at Oriient with
their vision to become a standard service offered in all major stores,
factories and airports around the world”.
“Oriient’s technology has the potential to radically enhance the
consumer experience across many settings and, as their pilots highlight,
is attracting significant interest from forward-thinking
customer-focused businesses,” said Annemie Ress, Managing Director for
innogy Innovation Hub. “We are pleased to be investing in Oriient and
supporting Mickey and the team as they continue to grow their customer
base and enter new markets.”
Oriient is a Tel-Aviv based technology company. It is a pioneer of
magnetic field-based indoor positioning. Oriient’s service powers
location-aware mobile apps in any indoor environment.
Focused on the retail and smart buildings verticals, Oriient helps
people find products, places and other people in difficult to navigate
About F2 Capital
is the leading seed stage venture capital fund in Israel, backing
frontier technology companies at the junction of Big Data, AI, and
Connectivity. F2 Capital offers elite mentorship, a global network of
multi-national partners and Israel’s top accelerator program to help
bold founders build game-changing companies. Established in 2017, F2
Capital is managed by Barak Rabinowitz, Jonny Saacks and Eddy Shalev, a
team of highly experienced and founder-friendly investors.
About innogy Innovation Hub
innogy Innovation Hub believes that new technologies, business models
and consumption patterns will redefine the energy market of the future.
We believe this future will be driven by four core global trends;
decarbonisation, decentralisation, digitisation and democratisation.
innogy Innovation Hub’s mission is to drive this vision for the future
of energy by being a sector disruptor: by identifying the game-changing
technologies, ideas, individuals and businesses that will help build
that future, wherever they are, providing funding, mentoring and a
platform for co-creation, collaboration and convergence.
The innogy Innovation Hub has created a €162m portfolio (as of December
2018) through investing in disruptive individuals, start-ups and early
stage businesses, and has provided opportunities for nearly 90 start-up
and scale-up companies to collaborate. It is headquartered in Berlin,
with teams across Europe including in London, Warsaw and Essen, as well
as offices in California (Palo Alto) and Israel (Tel Aviv).
The innogy Innovation Hub is funded by innogy SE, a leading German
energy company, with revenues of around 37 billion euros (2018), around
43,000 employees as well as activities in 16 European countries and in
new markets such as Australia, Canada and the USA. For more information
Media contact innogy Innovation Hub:
(0)203 475 7552