DALLAS, Oct. 1, 2019 -- Polte Corporation, a leading innovator in accurate Cloud Location over Cellular (C-LoC) technology, announced it has raised $12.5 million in strategic funding from experienced private investors. The Series A-2 funding will enable the company to focus on deployments of commercial and industrial applications of Polte’s patented alternative to GPS.
“This round of funding from committed and seasoned investors enables us to expand our team to deploy and deliver our affordable, accurate and secure location services,” said Ed Chao, chief executive officer, Polte. “Businesses across all sectors and geographies know that location services are essential in enabling organizations to have unprecedented visibility into their assets and operations. Polte technology is less expensive to deploy at scale, an order of magnitude more accurate, and more secure than current approaches to location information.”
Leveraging broadly available 4G and 5G networks worldwide, the Polte location platform enables manufacturers, distributors, and sellers of goods to more effectively track and manage their millions of distributed assets. The new funding equips Polte to deploy its location offering with key technology and channel partners. Additionally, early adopters will be illustrating a whole new set of C-LoC use cases, customer service innovations, and financial savings resulting from Polte’s patented cloud-based location service.
“I’ve been investing in Polte since its inception,” said Ken Thompson, chairman of the board at Polte. “The investors are all committed to the company’s growth given the confidence we have in the technology and the company that Ed Chao and team have built. There’s no question Polte is delivering on its promise to bring to market a disruptive location technology that will transform a range of industries.”
With over 75 patents and patents pending, Polte delivers a highly accurate, cost-saving solution that requires minimal power consumption. Compared to other market offerings, Polte’s technology is optimized to leverage 4G and 5G cellular signals, functioning both indoors and outdoors for precise and secure asset tracking. Use cases range across supply chain, logistics, transportation, manufacturing, energy, automotive, and sharing economy sectors where assets are in motion and/or widely dispersed. Business processes, customer self-service automation, and better decision making insights enable organizations to capitalize on location, which is essential to how we all work, live and play.