Living Map seals £1.2 million investment from Committed Capital and Mercia Fund Managers
Bath, UK – 15.05.2018
Living Map — the digital map and data platform that creates a seamless interface between people and places — is pleased to announce new investment of almost £1.2 million of new equity from Committed Capital, Mercia Fund Managers and existing shareholders.
The investment will be the catalyst for a significant expansion of the fast-growing technology company’s product team to meet increasing demand for its map technology services as it scales across several core sectors during 2018.
The global digital map market is expected to reach $7.2bn by 2023*. This growth is fuelled by the emergence of map technologies as an essential enabler of multiple consumer and business applications, from navigating cities to visualising live asset data generated by Internet of Things (IoT) sensors.
Tim Fendley, Founder and MD at Living Map remarked:
“The world around us is getting busier and more complicated every day. Our map-based applications, which provide access to timely, relevant location-based information about any environment, are the key to enabling consumers and businesses to find their way.”
Adam Coxen, Living Map’s new Chairman, noted that:
“This is a very exciting time for Living Map as the real-time visualisation of geospatial data on mobile devices becomes ubiquitous and a day-to-day necessity.”
Living Map’s platform combines rich, interactive, digital map technology with intuitive information design and powerful features and integrations to create a seamless interface between people and places.
The company’s map technology has already been rolled out at global visitor destinations such as the City of Cleveland and New York’s Metropolitan Museum of Art.
Living Map is also developing a proprietary indoor positioning system, which is designed to provide accurate location services to users of its map applications in GPS-denied and challenging environments. The development of this technology was the basis for a research partnership with CERN during 2017.
In the rapidly growing B2B mapping sector, Living Map has a global partner in Engie (formerly GDF-Suez). The two organisations are developing bespoke map applications on a Software as a Service (SaaS) basis, to enable greater efficiency in building and estate management operations.
Else Thomson, Head of Finance at Committed Capital, commented:
“The company has been through significant change over the last quarter, strengthening the management and board with new chairman Adam Coxen, significantly improving the finance and sales functions, and streamlining strategy.
Julian Dennard, Investment Director at Mercia Fund Managers, commented:
“Mercia is pleased to back Living Map at this recent investment round. With its experienced management team under the leadership of Tim and Adam, its key partnerships in place and an already impressive customer base, we’re confident that the business will grow and scale as it moves into this exciting next stage of development.”
- Living Map’s digital map and data platform creates a seamless interface between people and places, enabling city/site managers to transform user-experience, reduce costs and generate revenue.
- As relationships with major business partners develop, the company is using its platform to provide SaaS multi-function mapping services to its clients.
- Transformative map projects have been delivered across consumer and business sectors:
- Consumer: City of Vancouver; City of Cleveland; the Metropolitan Museum (New York); Queen Elizabeth Olympic Park (London); Waltham Forest (London); Heathrow Airport (London)
- Business: The British Library (London); Kew Gardens (in-progress); A leading UK automotive manufacturer.
- Team of 30 across offices in Bath (HQ) and London.
- Committed Capital specialises in investing in and providing corporate finance advice to fast growing UK based technology companies.
- Committed Capital Financial Services Limited is authorised and regulated by the FCA under firm reference 192203.
- Committed Capital Limited is an Appointed Representative of Sapia Partners LLP, which is authorised and regulated by the FCA under firm reference 550103.
- Find out more: https://www.committedcapital.co.uk/landing/
Mercia Fund Managers
- Mercia Fund Managers provides both equity and debt finance to small businesses based in the UK regions. The Group has more than 300 businesses in its portfolio, a strong record including 11 IPOs and manages in excess of £350.0milllion of third party funds, including Mercia EIS Funds.
- Mercia Fund Management Limited is authorised and regulated by the FCA under firm reference number 524856
- Enterprise Ventures Limited is authorised and regulated by the FCA under firm reference number 183363
- EV Business Loans Limited is authorised and regulated by the FCA under firm reference number 443560
- Find out more: www.merciatech.co.uk