SAN FRANCISCO – Swift Navigation, a tech firm building centimeter-accurate GPS technology to power autonomous vehicles, has raised a $34 million Series B financing round led by Forest Baskett and Greg Papadopoulos of New Enterprise Associates (NEA), with participation from existing investors Eclipse and First Round Capital. To date, the company has raised a total of $47.6 million in funding.
Focused on building highly-precise, centimeter-accurate Global Navigation Satellite Solutions (GNSS) at affordable prices, Swift Navigation provides solutions to over 2,000 customers-including autonomous vehicles, precision agriculture, unmanned aerial vehicles (UAVs), robotics, maritime, transportation/logistics and outdoor industrial applications. By moving GPS positioning from custom hardware to a flexible software-based receiver, Swift Navigation delivers Real Time Kinematics (RTK) GPS that is 100 times more accurate than traditional GPS found in a typical phone at a fraction of the cost of the competition.
“Swift Navigation is at the epicenter of some very exciting advancements in self-driving cars and autonomous robotics,” said Forest Baskett, PhD, General Partner at NEA. “NEA is thrilled to lead this round of financing, which will allow Swift to bring more innovative navigation products to market and sustain its rapid growth.”
With the influx of financial support, Swift Navigation plans to take customer deployments to scale while growing its team and investing in core engineering and R&D. The company plans to introduce new products in 2017.
“We are proud to be working with Forest Baskett, Greg Papadopoulos and the whole NEA team. They are at the front edge, alongside Eclipse and First Round, in thinking about the future of autonomy,” said Timothy Harris, Co-Founder and CEO of Swift Navigation. “We are encouraged by the tremendous market opportunity for precision navigation that is required by autonomous vehicles, and are grateful to our investors who share our vision and whose support validates our efforts in tackling hard problems in the changing landscape of GPS.”
Swift’s growth is fueled by high demand for its products, including Piksi® Multi, a multi-band, multi-constellation, high-precision GNSS receiver that enables convergence times measured in seconds, not minutes and delivers enhanced availability even in the most challenging environments, such as urban canyons.