The Nantes-based company InVirtus Technologies raised €750,000 to improve its geolocation solutions and to accelerate its commercial deployment. The start-up is expecting to multiply its annual turnover by more than 4 times.
InVirtus Technologies was created in 2018 after two years of R&D in the Centrale-Audencia-Ensa incubator. The company specializes in the geolocation and the tracking of indoor or outdoor equipment with low energy bluetooth trackers.
Thanks to a miniaturized chip which is stuck on goods or equipment, InVirtus Technologies allows information to be provided on their precise geolocation, but also sends alerts (for example when leaving a zone) and collects a lot of information on their use.
€750,000 from fundraising
The solutions developed by the start-up are particularly useful for equipment monitoring and optimization, and they can also be used to carry out inventories. The company targets many sectors such as aeronautics, defense, healthcare and construction.
After a €90,000 seed fundraising in 2018, InVirtus Technologies recently raised €750,000 from BACS-Innov (a venture capital investment company for Centrale and Supelec alumni) and private investors.
Artificial intelligence and international expansion
One of the main objectives is to improve the products. First making the most of all the data collected thanks to the internet of things: the start-up therefore recruited two developers who are working with artificial intelligence to enhance predictive analysis. InVirtus Technologies is also aiming to reduce the size of the trackers and improve their energy autonomy.
The company is growing fast: the turnover for 2019 was €150,000 and the expected turnover for 2020 is between €600,000 and €1 million. Thanks to two recent partnerships, sales are augmenting quickly in France and Europe and the fundraising permitted a commercial director to be recruited. InVirtus Technologies was also one of the 4 winning companies of the Breizh Amerika start-up contest and followed an acceleration program in New York in October.