Mapxus, Beyond Ventures’ portfolio company, raised $5 million in the first close of its Series B, led by Kawasaki Heavy Industries
Committed to innovating and developing technology solutions for the future of indoor mapping and location-based services
HONG KONG, March 8, 2023 /PRNewswire/ — Hong Kong-based venture capital company Beyond Ventures is pleased to announce that its portfolio company Mapxus, the leading indoor geospatial information system (GIS) platform providing global indoor mapping and navigation services, announced January 1, 2019St Series B funding round completed, raise above $5 million despite the economic downturn. The financing round was led by Kawasaki Heavy Industries, a leading Japanese company with a diverse business portfolio spanning various technology-focused industries.
off in Aug 2021Mapxus has worked exclusively with Kawasaki Heavy Industries to provide indoor technology such as digital maps, Wi-Fi fingerprint positioning and SDK for indoor map data infrastructure services Japan, which goes by the name of iPNT-K. According to market research and consulting firm Seed Planning Japan’s The market size for indoor location-based services is expected to grow JPY 1,170 billion by 2035. With the iPNT-K solution, companies can deploy indoor navigation in commercial facilities such as shopping malls, train stations and airports to perform location-based marketing, traffic analysis, accessible navigation, management and tracking of operations and management, and improve the work efficiency of employees in offices and warehouses.
With the new investment, Mapxus is well positioned to continue developing innovative and technological solutions for the future of indoor mapping and location-based services. The potential applications of Mapxus’ technology are broad and offer opportunities for both government and factory use.
Lap Man, co-founder and managing partner of Beyond Ventures said: “We are so proud to be the first equity investor to back Mapxus since its early stages in 2019 and have witnessed its growth trajectory despite the social movement in China Hong Kong in 2019-2020 and the Covid-19 pandemic over 3 years, driven by the management team’s unwavering passion to provide the best indoor mapping and location based services. We are also amazed at the courage and execution ability of John and Ocean when we proposed them to enter the Japanese market in 2019 with the support of our mentor, which helped them overcome significant challenges Hong Kong. Since then, they have successfully gained a foothold Japan and to other Asian markets such as Singapore And Taiwan. We firmly believe in the support of the global conglomerate Kawasaki will no doubt take Mapxus to the next level.”
“We are grateful to have had the investment and advice from Hong Kong-based venture capital firm Beyond Ventures, which has supported Mapxus’ growth trajectory since 2019. At Mapxus, we aim to make indoor mapping more accessible and user-friendly, creating a truly inclusive city experience. Our innovative indoor map data infrastructure is designed to empower businesses and individuals, enabling them to improve work efficiency and improve everyday experiences. With the support of Kawasaki Heavy Industries, we look forward to continuing to develop innovative and technological solutions that will shape the future of indoor mapping and location-based services,” he said Ocean Ng, Founder and Chief Operation Officer of Mapxus.
“We are pleased to have Kawasaki Heavy Industries leading this investment round in Mapxus,” he said DR John ChanFounder and CEO of Mapxus. “With this new funding, we will accelerate the development of our indoor map data infrastructure Japan (iPNT-K) with Kawasaki and expand our service coverage in South East Asia. Our goal is to enable businesses to revolutionize how they interact with physical spaces and deliver a comfortable, intuitive, and seamless indoor-outdoor experience for everyone.”
Additionally, Mapxus recently partnered with NOIZChain to co-create Honio, the world’s first location-based indoor game-fi metaverse. Honio aims to connect the virtual and physical worlds through a mobile app that rewards users for spending time in physical stores. It is expected to start Japan by 2023 and in other Southeast Asian markets by 2024.
About Beyond Ventures
Beyond Ventures, the Hong Kong-based venture capital firm, co-founded by Lap Man and Marvin Hung in 2017 with the aim of revitalizing and transforming Hong Kong Innovation ecosystem by being the city’s most influential venture capital firm. The company brings together venture capital experts and local conglomerates with visionary entrepreneurs, providing start-ups with the capital and guidance they need to succeed.
The name “Beyond Ventures” comes from the popular rock and roll band Beyond, which formed in the early 1990s Hong Kong. Since launching its first fund in 2017, Beyond Ventures has successfully invested in and helped develop portfolio companies including SenseTime (stock code: 20.HK), Smartsens (stock code: 688213.SH), Prenetics (Nasdaq: PRE), YOHO (stock code: 2347.HK), HKTaxi (acquired by Uber in 2021) and EXLskills (acquired by John Wiley & Sons in 2022). To date, the portfolio has spawned four IPOs and two trade sales.
Beyond Ventures relies on the support of well-known companies Hong Kong Conglomerates such as Hop Hing Group, Far East Consortium, Chinney Alliance Group and Chinachem Group, leading private equity firms Hony Capital and GAW Capital, Hong Kong VC firm, eGarden, as well as the famous The University University of Hong Kong.
Please visit www.beyondventures.hk for more information.
Mapxus is a comprehensive indoor geographic information system (GIS) platform that provides global indoor mapping and navigation services with the goal of making indoor mapping smart and easy, and creating an accessible and inclusive city experience for all. Using the latest indoor mapping and navigation technology, Mapxus has quickly expanded its service to over 25 cities across the United States Asia Pacific Region covering more than 1,500 venues in various building types including retail, college, transit and government buildings. Mapxus’ innovative indoor map data infrastructure is designed to empower people and businesses, improving daily experiences and work efficiency. Mapxus has risen $10 million previously by Kawasaki Heavy Industries and Beyond Ventures.