Paramvir Nagpal, Founder & Chief Executive Officer of MAPSTED CORP. presenting Key Note Speech after receiving “Engineering Project of the Year” award from the Professional Engineers of Ontario (PEO), York Chapter.
Toronto, Ontario - Mapsted Corp., the Toronto-based developer of a revolutionary new indoor navigation technology, has been recognized with the prestigious “Engineering Project of the Year” award by the Professional Engineers of Ontario (PEO), York Chapter. Mapsted’s patented technology works on smartphones and tablets much like a GPS, but for indoor spaces. It does not require any additional hardware or internet connectivity to operate.
“It’s the world’s first and only such system,” says Paramvir Nagpal, CEO of Mapsted Corp. and one of the key product engineers. “It elegantly solves a problem that, by all accounts, has been a major priority of many leading technology developers, including Apple and Google,” adding, “We’re delighted that the Professional Engineers society has recognized the importance of our breakthrough.”
To date, other indoor navigation systems have required specialized beacons or other hardware, which makes them expensive for building owners/operators to install and maintain. By using state-of-the-art mapping technology and proprietary algorithms, Mapsted eliminates the need for beacons or other infrastructure, making it far more cost-effective than competing technologies. It works without WiFi, Bluetooth or an internet connection - users simply launch the Mapsted app and start navigating. Mapsted requires no data connection and uses very little battery power, so it’s also extremely efficient and cost-effective for users.
Mapsted is not only drawing interest from consumers who want a single-source navigation platform that they can use without the need for Bluetooth, WiFi or an internet connection, but also from major retailers in North America, Europe and the Far East who see the potential for gaining a better understanding of shopper behaviour and traffic patterns, and who want a platform for precisely targeted marketing programs and loyalty integrations.
Mapsted Marketing (a separate companion product) provides retailers an unprecedented ability to target consumers with special offers and promotions at the exact time they are shopping. Mapsted can deliver coupons or special offers right at the point of purchase. Better still, offers can be customized to a user’s self-defined preferences and interests, enabling retailers to target the right customer with the right offer at precisely the right time.
Mapsted Analytics delivers unprecedented insights on shopper behaviour and traffic patterns. Its sophisticated, multi-layer data mining and predictive analytics help enhance operational efficiency and facility management while optimizing marketing campaigns to target shoppers more effectively.
For now, the disruptive innovative technology works in the top ten Greater Toronto Area shopping malls, but plans are in place for dissemination across North America and Europe. “We’re targeting the retail world during our initial phase,” says Nagpal. “Yet, we’ll soon be expanding into other public spaces such as hospitals, government buildings, airports, museums, and universities.” The firm’s eventual goal is to map the entire world of public indoor spaces.
The Mapsted Navigation app was released for Android platforms on February 1, 2018. The iPhone version is scheduled to launch in early April. Within a few days of the Android launch, Mapsted had already established itself as the #1 New App under the Maps & Navigation category on Google Play Store.
Paramvir Nagpal, Founder & Chief Executive Officer (3rd from left) and Saeedeh Hamidifar, Co-founder & Chief Operating Officer (2nd from left) receive the “Engineering Project of the Year” award from the Professional Engineers of Ontario (PEO), York Chapter.
Mapsted’s advanced algorithm uses a unique combination of sources to position the users both inside and outside of complex buildings.
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