Molten Ventures co-leads £23 million Series C in FocalPoint
We are today delighted to announce that Molten Ventures has co-led a £23m Series C funding round in FocalPoint, a deep tech company which provides next generation positioning solutions for mobiles, wearables and vehicles.
This is the first close of a multi-round Series C of up to £23m from a consortium of investors co-led by Molten Ventures and Gresham House.
FocalPoint was founded to address inaccuracies of current receivers and bring navigation positioning better in line with the demands of businesses and individuals in the 21st century. Currently, over a trillion dollars of the US economy and over 800 billion euros of the European economy depend on its positioning and timing systems.
Since its successful £6m Series B funding round in 2021 with Molten Ventures as the sole investor, FocalPoint has almost doubled its headcount across its offices spanning the U.K. and U.S. and brought in former Broadcom SVP Scott Pomerantz as its new Chief Executive Officer alongside other senior executives with deep experience in building and scaling technology firms.
This latest round follows the announcement earlier this year that FocalPoint had secured funding from the European Space Agency to develop a live demonstration and rapid prototyping system to accelerate FocalPoint’s activities in the automotive and mobile sector.
FocalPoint’s groundbreaking Supercorrelation software enables a new class of satellite positioning receiver that can measure the directions of the incoming signals, allowing them to ignore reflected signals and fake ‘spoofed’ signals, making them more accurate in cities and more resilient against spoofing attacks.
FocalPoint CEO Scott Pomerantz commented: “We are delighted at this show of confidence in FocalPoint from new and established investors amidst a challenging market backdrop. Our IP portfolio is strong, this injection of capital will enable us to move faster to meet the demands of several big customers in the US and South East Asia, and to accelerate our IP portfolio growth.
FocalPoint Founder, President and CTO Ramsey Faragher commented: “It has been an amazing experience to grow this company from an idea in my head to an established and world-leading GNSS technology provider. As we continue to add more GNSS customers and partners to our list, I’m excited to be now developing further IP to grow our footprint into other radio technologies and even larger markets.”
David Cummings, Venture Partner, Molten Ventures said: “Existing GPS technologies are no longer fit for purpose and we’re proud to continue our support for FocalPoint in its mission to revolutionise the accuracy of GPS and other global navigation satellite systems and in doing so, solve the issues faced by business and consumers with imprecise and unsafe receivers.
“We’ve been impressed with how the team has continued to build and expand since its Series B funding round last year, and are thrilled to support FocalPoint in this next exciting chapter for the company”.