Israeli GPS chip developer OriginGPS raises $1.75m

Israeli GPS chip developer OriginGPS a announced today that it has closed $1.75 million of funding from the technology accelerator, Lab IX, which is a part of Flex (formerly Flextronics), and existing shareholders including the Van Leer Foundation's Docor venture capital fund. Based in Airport City by Ben Gurion Airport, the startup manufactures miniature Global Navigation Satellite Systems (GNSS) solutions for computer wearables.

Drawing on its decade of experience, OriginGPS has developed innovative solutions to address the growing sector of wearables by creating GNSS modules with ultra-small form factors and low power consumption, which are ideal for many of the next generation devices that Flex designs and manufactures. According to Morgan Stanley, the wearable technology market is currently experiencing explosive growth, from six million shipments two years ago to an estimated 248 million shipments in 2015.

OriginGPS CEO Gal Jacobi said, “Flex is the perfect partner for OriginGPS to maximize the capabilities of wearable devices. Its extensive hardware ecosystem and experience with many of the world’s leading tier one brands, including wearable products, complements our experience in developing the world’s smallest GNSS solutions. This will accelerate the velocity with which we develop even smaller and more powerful modules. We look forward to working together to push the boundaries of what’s possible in this rapidly-growing market.”

Published by Globes [online], Israel business news - www.globes-online.com - on September 17, 2015

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