B.C. Mobile Positioning Tech Company Attracts Major Investment
British Columbia benefits from proximity between metropolitan tech hubs and an expansive and varied landscape brimming with adventure potential. Local mobile positioning company Rx Networks Inc. has created a platform that improves location software accuracy and speed across the spectrum of navigation software. The platform recently attracted a $41 million investment by Beijing-based company BDStar Navigation Co. Ltd. The investment in Rx Networks will allow BDStar to build a global cloud platform service system and offers Rx Networks a great competitive advantage in accessing the China market.
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Rx Networks is a mobile positioning technology company with over a billion devices relying on its software and services every day. Their location.io platform enhances the performance of location chips, rather than focusing on GPS hardware or apps. It optimally combines satellite, Wi-Fi, cellular and sensor signals to help devices and networks quickly and accurately determine their position.
BDStar, a global group company with over 4,000 employees, is the leading innovator within China’s navigation sector. They provide navigation and positioning products, solutions and services for users around the world.
Following the $31 million (CAD) acquisition of Rx Networks in August, 2017, BDStar invested a further $10 Million into the B.C.-based company, replenishing the working capital and expanding the business. The investment will enhance the current operation network, further research and development, increase operation capital and support early stage development of high accuracy positioning system services. Having retained all 23 employees of Rx Network, including founding partners, BDStar believes that this investment will help them further expand market share, increase revenue and explore new clients.
Trade and Invest BC’s representatives in Beijing have been working with BDStar since 2015, introducing them to business partners such as AdvantageBC and providing them with market intelligence. They provide regular updates on British Columbia’s business climate, tax benefits, compatible companies and investment opportunities, as well as invite them to networking and sector events. The sector and market leads also met with BDStar personnel to provide guidance on establishing a business in B.C.
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