The funding round, led by MVP Ventures, includes participation from previous investors Google Ventures, GSR, Norwest Venture Partners and In-Q-Tel.
The company said the new funding round was at an increased valuation over earlier funding. Overall, oneNav has raised $50 million.
“There’s a huge demand for vastly better GNSS performance in phones, watches and IoT trackers. This new funding will be used to ramp up our support for many more tape outs in 2023 and 2024,” said Steve Poizner, oneNav CEO and co-founder.
The new pureL5 pARC product can augment customers’ existing GNSS solutions, which saves time and money, said Ellen Kirk, oneNav vice president, strategic marketing and business development.
“[pARC] is a standalone solution. Customers have many hours invested in their measurement and positioning engines, they aren’t going to take them out,” she said. “What they do not have is direct L5 acquisition. All hybrid solutions acquire L1 first, then acquire L5.”
