Magic Lane secures 3 million euro to enhance location intelligence capabilities

Written by Copernical Team Thursday, 16 May 2024 20:55

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Paris, France (SPX) May 13, 2024

Magic Lane, a leader in mapping and location services, has secured a euro 3 million investment to enhance its navigation technologies for micro-mobility and IoT applications. "With this investment, we can truly accelerate our efforts to transform the location industry," explained Raymond Alves of Magic Lane. "With our solutions, we address the evolving needs of the IoT and micro-mobility market

Magic Lane secures 3 million euro to enhance location intelligence capabilities
by Erica Marchand
Paris, France (SPX) May 13, 2024

Magic Lane, a leader in mapping and location services, has secured a euro 3 million investment to enhance its navigation technologies for micro-mobility and IoT applications. "With this investment, we can truly accelerate our efforts to transform the location industry," explained Raymond Alves of Magic Lane. "With our solutions, we address the evolving needs of the IoT and micro-mobility markets."

The company, known for its early innovations in the industry with Route66, continues to shape the future of location intelligence. Magic Lane is enhancing its market position through its robust Software Development Kits (SDKs), which allow other companies to integrate advanced mapping, location, and navigation features into their vehicles, apps, and platforms across various programming languages.

Since its inception in November 2022, Magic Lane has expanded its operations across Europe and Asia, securing significant partnerships and clientele. Raymond Alves, CEO of Magic Lane, said, "The investment will be used to expand our commercial operations, strengthen marketing initiatives, and deepen partnerships that further develop Magic Lane's presence in new markets. Moreover, this investment enables us to enhance safety, accessibility, and efficiency in urban environments, starting in the micro-mobility market."

"For IoT and specifically 'connected mobility,' to reach its full potential, smarter, lighter, and faster mapping and navigation solutions are needed than that are currently the norm. We are pleased to help Magic Lane in meeting that demand with this investment," added Thijn van Helvoirt of No Such Ventures.

From Route Planner to Technological One-Stop-Shop
Magic Lane's offerings are uniquely suited for minimal hardware requirements, ensuring user privacy with untraceable location data and offline navigation capability. This technology is particularly suitable for electric bikes and scooters and offers scalable solutions for large vehicle fleets in logistics, fleet management, ride-hailing, and sharing platforms. Magic Lane is now poised to rival major industry players like Google, TomTom, Here Technologies, and Mapbox.

Magic Lane will showcase its innovative solutions at Micro Mobility Europe in Amsterdam on June 5 and 6. The event will feature product demonstrations and the announcement of several new collaborations, reinforcing Magic Lane's role as a comprehensive provider in the micro-mobility sector.