Khosla-Backed Startup Tracks Drones, Trucks & Robotaxis - Real-Time

Location Technology Startup Point One Navigation Secures $35 Million

For Point One Navigation, a San Francisco-based startup, the significance of precise positioning extends far beyond the realm of property. This concept has resonated strongly with investors.

Series C Funding and Valuation

Point One Navigation, specializing in highly accurate location technology, has recently completed a $35 million Series C funding round, spearheaded by Khosla Ventures. An informed source indicates the company’s post-money valuation now stands at $230 million.

Broad Applicability of the Technology

Established in 2016, Point One has engineered location technology adaptable to a diverse range of moving platforms. These include autonomous lawnmowers, drones, robotics, standard vehicles, agricultural machinery, and even wearable devices used by individuals.

Centimeter-Level Precision

Precise location, as defined by Point One, delivers exceptional accuracy. The company’s positioning engine can pinpoint location to within 1 centimeter under optimal conditions, as explained by co-founder Aaron Nathan to TechCrunch.

Technology Integration

Point One achieves this accuracy by integrating an augmented global navigation satellite system (GNSS) with computer vision and sensor fusion, packaged as an API. This API is typically implemented as a software solution, leveraging the existing hardware found in many modern vehicles, such as electric cars. For vehicles lacking the necessary hardware, like agricultural equipment or emergency response vehicles, Point One provides an integrated chipset.

Automotive Sector and Expanding Markets

Initially, Point One focused on the automotive industry, reflecting the growing interest in autonomous vehicle technology. This sector remains a significant contributor to the company’s revenue. While many client names remain confidential, Point One has revealed its technology supports advanced driver-assistance systems and infotainment features in vehicles from an EV manufacturer, currently deployed in over 150,000 units.

Diverse Client Portfolio

Point One also maintains contracts with leading manufacturers of mowing and turf care equipment, a delivery fleet comprising 300,000 vehicles, and a global producer of street and racing bicycles.

Growth and Expansion

Around 2021, coinciding with its $10 million Series A funding, Point One began diversifying into other sectors. This expansion spurred significant adoption of its technology. Over the past year, the number of manufacturers utilizing Point One Navigation’s platform has increased tenfold, encompassing the automotive, robotics, industrial, and wearable technology industries.

Accelerated Momentum

“Momentum is building rapidly,” stated Nathan.

Utilizing Series C Funding

The Series C funding will be allocated to enhancing all facets of the company’s technology, including the Polaris RTK Network – a crucial hardware component that ensures centimeter-level accuracy, even in areas with limited infrastructure, across North America, Europe, and Asia.

Demand for Increased Precision

“The demand for greater precision is constant, spanning applications from precision agriculture to line marking and lawn maintenance,” explained Tom Weeks, the company’s COO, to TechCrunch. “Accuracy within 10 centimeters is insufficient when operating near delicate landscaping. The industry is converging on the 1 to 3 centimeter range.”

Developing the RTK Network

Point One dedicated eight years to developing its RTK Network, a system of compact, secure units installed in locations like cell tower facilities. These units provide corrections to location data. To achieve a dense network, these stations must be positioned within 40 kilometers of the vehicle or device. The company is actively expanding this network.

“States with extensive farming operations, from the Midwest to the East Coast, require high density due to the presence of people, agriculture, and both personal and commercial vehicles,” Weeks said. “We are nearing completion of this expansion.”

Indoor Navigation Capabilities

The startup is also focused on improving the technology’s performance in indoor environments. Currently, vehicles transitioning from outdoor to indoor spaces, such as parking garages, maintain precise location tracking. Nathan aims to extend this capability to industrial settings where robots operate primarily indoors.

Future Vision: Ubiquitous Location

“Our next development, and a key focus of this funding round, is enabling long-term indoor navigation,” Nathan explained. “Our ultimate goal is to provide ubiquitous location services, functioning seamlessly both indoors and across all environments.”