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.
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 of 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.”