Toronto startup Flybits announced this morning that it has closed a $3.75 million Series A financing led by Robert Bosch Venture Capital and Trellis Capital with participation from MaRS Investment Accelerator Fund and Ryerson Futures.
Since spinning off from Ryerson University in 2012, Flybits has raised over $4 million to date, including a seed round from MaRS Innovation. The company also concurrently incubated its technology at the Ryerson Digital Media Zone and Vodafone Xone in Redwood City, California.
Flybits has created a context-aware experience development platform for mobile environments.
Flybits technology has been used in developing smarter cities like Ottawa, connected stadiums, smart corporate campuses, shopping malls, conference venues and even fashion shows.
The investment will advance the company’s product development and international growth in the United States and Europe.
“Involving high-quality investors such as Bosch and Trellis demonstrates the potential in our unique approach to designing Intelligent Mobility Solutions that are intuitive and scalable,” said Dr. Hossein Rahnama, CEO and founder of Flybits.
“In particular, having Bosch as a strategic investor means we leverage their global expertise in software automation, connected communities and sensor technologies as we support new and existing international customers, and scale and develop both our team and our products.”
Flybits was founded Rahnama, along with a team of computer science students, graduates and professionals. The company is headquartered in Toronto, with an office in the United Kingdom located in London's Tech City.
In 2012, MIT’s Technology Review magazine listed Rahnama as among the world’s top innovators under the age of 35 for his work with Flybits.