In keeping with its commitment to help Alberta’s founders navigate a significant funding gap and unlock early-stage growth potential, Metiquity Ventures today announced the closing of its $300,000 equity investment in Calgary-based Takemetuit. Metiquity acted as lead investor in the current $700,000 round.
Takemetuit has developed a unique indoor positioning technology that navigates people to products within 10cm of accuracy in three-dimensional space, without the need for chips or tags to transmit location data. Takemetuit’s patent protected acoustic-based technology is designed to operate in a similar way as GPS technology, using standard mobile devices. Metiquity believes there is a clear need for reliable, cost-effective sub-metre accuracy in the market that is not being met.
Takemetuit has initially targeted the grocery retail industry, which is known for very thin operating profit margins and is currently struggling to deal with the broken economics of its online distribution channel. The global acceleration of online grocery shopping during the pandemic threatens to massively dilute retailer profits without action to improve the economics of the channel. Employee inefficiencies with online order fulfillment and product stocking are major challenges that Takemetuit can solve today
“We are extremely excited to partner with the team at Takemetuit. Takemetuit’s technology provides an indoor positioning solution with low cost infrastructure, that is scalable with large numbers of devices, uses low battery strength, and can deliver the high accuracy the market needs. We believe that Takemetuit has the potential to transform the rapidly growing indoor positioning market the same way that GPS transformed outdoor navigation beginning in the 1990’s.” says Bryan Slauko, Managing Partner at Metiquity Ventures.
“Metiquity is a perfect fit for Takemetuit as we begin to commercialize our proven indoor positioning technology platform. They bring both seed funding and advisory depth as we launch our first projects in the retail sector.” says Don Thompson, President of Takemetuit Inc.
The global indoor positioning market is currently a $7 billion industry and is forecast to grow at an annual rate of over 25% between 2020 and 2025. Metiquity believes Takemetuit is well positioned to capture significant growth in this market.
Based in Calgary, Alberta, Metiquity Ventures is an early-stage growth equity fund formed to unlock growth potential for innovative founders on-the-cusp of growth and pioneering investors who invest alongside them.
Takemetuit’s high-precision indoor positioning platform helps businesses and consumers easily find what they are searching for.