The future of autonomous navigation is bright - Michael Dolbec
ZURICH (PRWEB) October 26, 2021
Momenta is proud to announce its investment in Fixposition, a cutting-edge Swiss technology company enabling centimeter-level positioning in Global Navigation Satellite System (GNSS) degraded and denied environments. Momenta joined the $5.95m investment round, which includes previous backers True Ventures, Hasler Stiftung, along with new investors MiraclePlus (former YC China), Cultivation Capital, and G&M Capital.
Fixposition's goal is to make high-precision positioning accessible to all and enable the autonomous robot revolution. CEO Zhenzhong Su says, “We are excited to welcome Momenta as partners in our journey. With the new funding, we will bring our next-generation product into production, execute our market strategy, and expand through strategic partnerships in the space of autonomous navigation."
Analysts predict the autonomous vehicle market will grow at 60% CAGR over the next decade. Vehicles ranging from automobiles and trucks to entirely new vehicles will soon operate in human-augmented and fully autonomous modes. This will require accurate data on the position of the vehicle. In autonomous passenger-vehicle solutions, companies have used Lidar to understand the environment around a vehicle and maintain the vehicle's course. The cost of Lidar, however, is prohibitive for most smaller autonomous vehicles. Early unicorn-level startups in this space include Ouster, Aeye, and Velodyne Lidar.
Michael Dolbec, Managing Partner for Momenta, states, "The market for autonomy is accelerating and expanding. Warehouse, retail, and agricultural solutions are all on the rise. The acquisitions of Raven Industries by CNHi and Bear Flag Robotics by John Deere, in particular, highlight the strategic importance of autonomy and reinforce Momenta's belief that precise navigation is a critical enabling technology."
Autonomous delivery trucks usually utilize GNSS signals combined with real-time kinematic positioning (RTK) technology to achieve precise global localization. Yet, this is often unreliable in places where GNSS signals are blocked, such as urban canyons, beneath bridges, near trees, or even close to hills. Fixposition's innovative deep sensor fusion technology enables reliable and cost-effective high-precision positioning in all conditions. Some of their customers that are effectively using their innovative technology include Neolix and PIX Moving, both robotics companies.
Jash Bansidhar, Managing Director of Advantech Europe & AVP of Industrial IoT at Advantech, states, "Advantech views autonomous vehicles as a growing market beyond passenger-vehicles. Fixposition has created a unique technology that unlocks new opportunities in this space. Together, we believe, these technologies will pave the way towards the democratization of autonomous applications.”
This is Momenta's second investment from the AIoT Ecosystem Fund, established in collaboration with Advantech, the worldwide leader in IoT intelligent systems and embedded platforms. The fund is aimed at early growth stage companies at the intersection of Artificial Intelligence (AI) and the Industrial Internet of Things (IoT). The fund provides venture capital investment and direct value creation to entrepreneurs across Europe and North America.
Fixposition is on a mission to simplify autonomous navigation by increasing the reliability and availability of precise positioning. The company develops deep sensor fusion of RTK-GNSS, IMU, and computer vision to ensure high reliability of centimeter-accurate positioning in all types of environments, even where other systems fail. This technology enables new players to participate in the autonomous robot market and expands the operational opportunities of autonomous robots. Fixposition was founded by two entrepreneurs from ETHZ (Swiss Federal Institute of Technology Zurich) graduates, one hailing from China, the other from Switzerland, and began as an ETH Spin-Off. A technical synergy emerged from pairing one's high-precision GNSS knowledge with the other's extensive computer vision. The team is further strengthened by the collective forces of veteran experts from other well-established players such as u-blox and ZF, along with a strong team of aspiring engineers from across the globe. Fixposition aims to make an impact and drive the democratization of autonomous technology solutions. For more information, visit http://www.fixposition.com
Momenta is the leading Digital Industry venture capital firm accelerating deep tech and digital innovators across energy, manufacturing, smart spaces, and supply chain. For nearly a decade, our team of deep industry operators has helped scale Digital Industry leaders, providing funding and value-creation in conjunction with our award-winning executive search and strategic advisory practices. For more information, please visit https://momenta.one.