BOULDER — Zephr.xyz Inc., a Boulder company that is developing next-generation GPS technologies, has raised a $3.5 million seed round led by Space Capital and First Spark Ventures.
“The new funding will support Zephr’s (go-to-market) strategy as the company gears up for rapid growth over the next year,” the company said in a news release.
“GPS is an essential technology for so many services we now rely on, and yet it is plagued by inaccuracy. This poses many challenges for businesses and consumers, and it will hamper the growth of developing technologies like augmented reality and autonomy,” Zephyr CEO Sean Gorman said in the release. “Improved accuracy in GPS can translate into millions of dollars in economic benefit, but for us, it’s about more than just money. A more accurate GPS system can also improve daily routines and personal safety, from preventing navigational errors to creating safer collision avoidance systems in vehicles and enabling more advanced search-and-rescue efforts.”
In 2018, Platte River’s Board of Directors passed a Resource Diversification Policy, setting a new course for how Platte River provides energy.