First investment by Butterfly Venture Fund III in Proximi.io

Butterfly Ventures has just closed its first investment from their latest fund, Butterfly Venture Fund III. The company invested in Proximi.io, an easy-to-use positioning platform that acts as a glue between the physical world and mobile devices, connecting all existing mobile positioning hardware and software into one developer-friendly product. The investment is syndicated with previous investors, a group of Finnish and Danish business angles.

“Proximi.io operates in a very interesting and one of the fastest growing market segments, mobile positioning. Indoor positioning alone is estimated to grow from 4 billion to 23 billion USD during the next five years.” explains Juho Risku, Founding Partner at Butterfly Ventures “Proximi.io is a well packaged, easy to use product and is capable of offering first class customer support. Both facts have been confirmed by the customers we interviewed. Additionally, the customer traction as well as other early growth metrics look promising. It’s also refreshing to see a female entrepreneur in the startup scene.”, he adds.

Since it’s launch in January 2017, Butterfly Venture Fund III aims to invest in 10 new portfolio companies annually for the next four years. Like in the case of Proximi.io, which is a late seed case, the entry point of Butterfly Ventures is typically a bit earlier than most venture funds, at the seed or even early seed stage. The fund is focused on hardware and software directly interfacing with hardware and deep tech companies.

“We’re aiming high; We’re going to be the go-to platform for enterprises and mobile developers for implementing positioning. Butterfly Ventures shared our vision. We also saw their expertise in the intersection of hardware and software, their strong portfolio and their international reach as invaluable assets to us. As it happens, our offices are also located next to each other at the Maria 0-1 startup hub. The co-operation will certainly be very efficient.” says CEO and Co-founder of Proximi.io, Annina Koskiola.

Enquiries and additional information

Matti Kanninen, managing partner
Phone: +358 (40) 5455877
Email: matti@butterfly.vc

Resources

Download PDF: EN, FI

Case: Augumenta

augumenta-logo-27.10.2014Augmented reality (AR) might sound like a science fiction, yet there are many industrial applications where AR is being deployed already today, for instance in warehousing and service operations. Typically AR brings in loads of information in meaningful way to the task at hand that speeds up the work and reduces the number of errors. However AR hasn’t been very interactive, thus limiting the power and uses of it. AR represents paradigm shift in device user interaction and requires reliable advanced means of interaction such as hand gestures. Augumenta is forerunner here, delivering fast, reliable and energy efficient gesture detection and virtual inputs for AR interaction as an easy to integrate SDK for application and device vendors.

There are wide variety of industrial applications where AR becomes handy, like identifying the right pipe and operating field automation on the spot.

There are wide variety of industrial applications where AR becomes handy, like identifying the right pipe and operating field automation on the spot.

Prior to Butterfly’s investment Augumenta had finished the minimum viable product and secured two industrial system integrators, who are now evaluating the package. Furthermore they have one granted patent and two more filed, securing the related IP.

“Augumenta was founded with a clear mission: to make wearable devices convenient and easy to use. Smartglass is a powerful tool for enterprises, and when equipped with our interaction solutions, they enhance productivity at workplace, resulting in significant cost savings. We focus on bringing our technology to different industry verticals, while expanding our product offering and patent portfolio. Wearable devices are a dynamic, fast-developing market with some unique challenges. We are delighted to have Butterfly as our investor; their vast experience in business strategies and IPR management is a great asset for taking Augumenta to the next level.” (Tero Aaltonen, CEO of Augumenta)

Butterfly invested into Augumenta because of their innovative market approach that allows them to jump ahead before the consumer mass adoption of AR. Their product offers easy path of AR integration, way smoother gesture detection and AR interaction as well as substantially longer battery life than competing products. Another key driver for the investment was the highly professional PhD level founder team with years of relevant industry experience. Butterfly’s investment will be used for confirming the product market fit and securing the first few major customers.