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Swift Navigation Raises $50 Million Series C Round to Accelerate Consumer Adoption of Automotive Safety and Precise Navigation Applications Across the Globe
SAN FRANCISCO, Feb. 09, 2021 (GLOBE NEWSWIRE) — Swift Navigation, a San Francisco-based tech firm redefining GNSS (Global Navigation Satellite System) and precise positioning technology for autonomous vehicles, automotive, mobile and mass-market applications, today announced that it has raised a $50 million Series C round of financing led by existing investors Forest Baskett and Greg Papadopoulos of New Enterprise Associates (NEA), existing investor Eclipse Ventures and new investors, including EPIQ Capital Group and KDDI Open Innovation Fund. To date, the company has raised a total of $97.6 million in funding.
Since its Series B round of financing, Swift has delivered a higher performance precise positioning service and expanded its global coverage to meet the needs of an on-demand economy and higher levels of autonomy. Swift’s customers across the globe include automotive OEMs, last-mile delivery providers, mobile providers and those building rail, industrial, micromobility and IoT platforms for mass-market applications. Swift plans to use its latest round of funding to scale customer deployments and continue its worldwide expansion.
Swift offers a comprehensive GNSS platform, consisting of the receiver-agnostic Starling® software positioning engine that easily integrates with the automotive sensor suite and pulls centimeter-accurate location corrections from Skylark™—Swift’s wide area, cloud-based GNSS precise positioning service that delivers real-time, secure and highly-available location data across the contiguous U.S., Europe, Japan, South Korea, Australia and a growing number of countries worldwide—to deliver absolute positioning at the continental scale required by today’s safety-critical autonomous applications.
The benefits of Swift’s precise positioning solution for its varying customer applications abound. Swift’s platform enables automotive OEMs to easily integrate precise positioning and high-confidence location features into their latest vehicles. Swift’s precision GNSS solutions improve last-mile operations, allowing fleet managers to optimize delivery routes, minimize fuel and operational costs and crowd-source information to reduce delays. Swift’s highly accurate positioning technology is easily integrated into leading mobile devices and platforms, enhancing location-driven mobile applications. Swift Navigation’s cloud-based architecture allows mobile devices and vehicles to achieve lane-level location accuracy without geographic restrictions and with the utmost privacy and security.
“In the past few years, Swift Navigation has expanded across the globe, offering an ever-expanding service that is scalable to service millions of users,” said Greg Papadopoulos, PhD, Venture Partner at NEA. “NEA is delighted to lead this Series C round of financing, which will allow Swift to accelerate customer adoption in automotive safety and autonomy applications.”
“We are grateful to have an amazing investor base behind us who support our mission of enabling more efficiency and integrity in navigating the world. It is with their support that we were able to scale our customers’ autonomous and navigation applications globally,” added Timothy Harris, Co-Founder and CEO of Swift Navigation. “Thank you to NEA, Eclipse, EPIQ and KDDI for sharing our vision of the importance of precision navigation in moving people, packages and vehicles more safely around the globe.”
ABOUT SWIFT NAVIGATION
Swift Navigation provides precise positioning solutions for automotive, autonomous vehicle, mobile and mass-market applications. What began as the GNSS industry’s first low-cost, high-accuracy, real-time kinematic (RTK) receiver has evolved into a Swift Navigation ecosystem of positioning solutions for autonomous applications. From the continental GNSS precise positioning service delivered from the cloud by Skylark™, the hardware-independent, integrated software solution that is the Starling® positioning engine, to the centimeter-level accurate Piksi® Multi and ruggedized Duro® and Duro Inertial RTK receivers, Swift Navigation is enabling a future of autonomous vehicles to navigate and understand the world. Learn more online at swiftnav.com, follow Swift on Twitter @Swiftnav