Indoor location firm Nearbuy snaps up USD1m

WiFi location solutions firm, Nearbuy Systems, has secured USD1m in seed funding. The round was led by Motorola Solutions Venture Capital, Eric Schmidt’s Innovation Endeavors and Metamorphic Ventures. The California-based startup’s technology, called LocalEyes, enables retailers to locate shoppers within their store to offer targeted real-time deals. Nearbuy will use the new capital to expand its services to retail stores across the US.

“Indoor micro-location for shoppers and employees is a compelling solution for retailers,” says managing Director at Motorola Solutions Venture Capital, Reese Schroeder. “What attracted us to Nearbuy is the location accuracy of their solution coupled with the fact that it utilises the retailer’s existing Wi-Fi and camera infrastructure and can be implemented quickly.”

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