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The company's cloud-based platform powers devices connected to the Internet of Things (IoT), with real-time location determination as and when they move between indoor and outdoor environments by leveraging 4G and 5G cellular signals.
FREMONT, CA: Dallas-based Polte Corporation, a startup dealing in accurate Cloud Location over Cellular (C-LoC), raised USD 12.5 million in a Series A-2 funding round led by experienced private investors. The funds raised will be used towards the deployment of commercial and industrial applications of Polte's patented alternative for the Global Positioning System (GPS).
"This round of funding from committed and seasoned investors enables us to expand our team to deploy and deliver our affordable, accurate, and secure location services," said Ed Chao, chief executive officer, Polte. "Businesses across all sectors and geographies know that location services are essential in enabling organizations to have unprecedented visibility into their assets and operations. Polte technology is less expensive to deploy at scale, an order of magnitude more accurate, and more secure than current approaches to location information."
The company's cloud-based platform powers devices connected to the Internet of Things (IoT), with real-time location determination as and when they move between indoor and outdoor environments by leveraging 4G and 5G cellular signals. This broadly available 4G and 5G signals also help manufacturers, distributors, and sellers of goods to more effectively track and manage their millions of distributed assets, by using the Polte location platform.
The new funding will enable Polte to deploy its location offering with key technology and channel partners. Also, early adopters will be able to illustrate a whole new set of C-LoC use cases, customer service innovations, and financial savings as a result of Polte’s patented cloud-based location service. "I’ve been investing in Polte since its inception. The investors are all committed to the company's growth, given the confidence we have in the technology and the company that Ed Chao and team have built. There's no question Polte is delivering on its promise to bring to market a disruptive location technology that will transform a range of industries," said Ken Thompson, chairman of the board at Polte.
Polte, with over 75 patents and much more pending, delivers a highly accurate, cost-saving solution requiring minimal power consumption. When compared to other market offerings, Polte's technology is optimized to leverage 4G and 5G cellular signals and is capable of functioning both indoors and outdoors for precise and secure asset tracking.
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