Ifinity valued at $12m through SpeedUp seed tranches

SpeedUp will take no greater than a 32% stake in the business following completion of the investment.

The funding will be provided to Ifinity in several tranches over the next few months. The capital is earmarked for further research and development.

Company
Founded in 2013 and headquartered in Warsaw, Ifinity has developed beacons designed to provide location awareness. Currently implemented within the city of Warsaw, Ifinity's beacons are designed for business-to-business-to-consumer (B2B2C) services for cities and public administrations, car parks, education and healthcare institutions, art galleries and museums.

Its beacons are designed to allow consumers to interact with them, allowing for services such as point-of-sale micropayments, real-time equipment registry and parking space management.

Ifinity's key client is the city of Warsaw, which has implemented the Virtual Warsaw project to create navigation systems for the city's Centre for the Disabled. Ifinity is adapating its technology to meet the needs of the visually impaired with the aim of creating a beacon-based public transportation system.

The company employs 22 staff.

People
Adam Jesionkiewicz is the founder and CEO of Ifinity. SpeedUp managing partner Bartłomiej Gola is the chairman of the company's board of directors.

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