Humatics Raises $28M Round to Advance Spatial Intelligence
Thanks to BostonInno – Humatics Corporation, a Waltham-based startup developing micro-location and spatial intelligence software, announced on Monday it raised $28 million in Series A1 financing — a figure that brings the company’s combined Series A and A1 to $46 million, and total financing to more than $50 million.
Tenfore Holdings, an investment management firm based in New York focusing on growth-stage companies, led the Series A1 round, which followed the completion of a prior round worth $18 million announced in September 2017.
Colorado-based Blackhorn Ventures and the corporate venture arm of Johnson Controls, JCI Ventures, participated in the new round, as did several other investors from the company’s prior round: Fontinalis Partners, Airbus Ventures, Lockheed Martin Ventures and Presidio Ventures.
Founded in 2015 by David Mindell, an aerospace engineering professor at MIT, and Gary Cohen, a former biotech executive, Humatics is developing millimeter-scale positioning technology that can be used for human-robot collaboration, self-driving cars, drone control, among other things.
After closing its Series A round, Humatics completed two acquisitions and tripled its headcount to nearly 70 employees. In 2018, Humatics acquired 5D Robotics, a Carlsbad, Calif.,-based company, and its subsidiary, Time Domain, a 31-year-old company based in Huntsville, Ala., that develops ultra-wideband technology.
Ray Stata, co-founder and chairman at semiconductor integrated circuits provider Analog, is on the board of Humatics together with Frank Moss, co-founder of MIT spinout Twine Health (acquired by Fitbit in 2018).
Previously based at the Cambridge Innovation Center, Humatics will use the proceeds from the Series A1 to expand operational capacity at its new 25,000-square-foot headquarters in Waltham. Also, it will scale production of KinetIQ, a spatial intelligence suite of products for centimeter-scale precision placement and millimeter-scale object tracking.
“Our customers need micro-location deployed like Wi-Fi as a facility-wide service, and hunger for the ‘virtual grid’ of precise location services that our Spatial Intelligence Platform provides,” Mindell said in a statement. “We have sold thousands of our KinetIQ products and have robust 2019 sales commitments.”