Offline Data Platform Loplat Raises $2.7 Million in Funding from Naver

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Offline data analytics startup Loplat raised 3 billion won (approximately $2.7 million) in funding from Naver.

Loplat specializes in indoor positioning based on Wi-Fi. Wifi location-based technology tracks the user’s exact location without requiring devices such as a beacon, a small bluetooth transmitter. Retail stores can utilize the technology to track the user’s real-time location inside the store. Loplat collects the data and provides analysis of the collected data for the company. With Loplat’s solutions, companies can offer location-based services to their customers and develop marketing strategies taking into account traffic flow and visiting history.

So far, Loplat has secured over 320,000 locations capable of handling indoor positioning and it plans to expand up more than 1 million locations. Loplat’s platform is widely applicable in various industries including offline distribution, gaming, transportation, and finance. It currently has about 1 million monthly customers and processes about 600,000 location data items.

“The funding will be used to improve the data platform further. We will make sure the offline data benefits both companies and consumers,” said CEO Koo Ja Hyung.

In 2015, Loplat received seed funding from D2 Startup Factory, Naver’s accelerator. “Loplat’s outstanding technological capabilities and potential for growth convinced us,” Naver CTO Song Chang Hyun expressed. “The company has been rapidly growing with its expertise and business acumen. We hope the funding from Naver will help Loplat achieve further progress.”

Loplat released the crowdsourcing app ‘Cash Place,’ collecting wireless location data and keeping information about new and closing stores up to date.

 

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Jean is a Master’s student at the University of Washington in Seattle studying Information Systems. Having lived in Hong Kong, Korea, Alaska, and Seattle, she is a firm believer in the power of words and sharing of information for all people across borders.

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