Startup and data analysis platform Loplat has raised 3 billion won (USD $2.6m) in funding from Naver.
Loplat has developed technology that can determine a user’s location while indoors by analyzing surrounding wifi signals. Without any extra sensors, the mobile app can track where you are in a store in real time. By installing Loplat at store locations, companies can offer more precise location-based services to their customers and also make collecting data around customer movement and foot traffic more efficient.
Loplat’s indoor location service can already be used in more than 320,000 locations, with plans to increase this number to one million in 2018. In its current state, the platform has 1 million average monthly users across various services including offline distribution, games, transport and finance. Everyday around 600,000 bits of location data are collected and analyzed.
“This investment will allow us to build a broad and accurate offline data platform while allowing offline data to benefit both the business and consumers,” says Loplat CEO Jahyoung Koo.
Founded in 2014, the startup initially received seed investment in 2015 from D2 Startup Factory, a technology startup investment and support project. Last month, Loplat also released its cloud sourcing app named ‘Cashplace’, which rewards users for contributing location information.