Navigation and traffic app Navmii has launched a crowd-funded investment campaign on CrowdCube. The company is aiming to raise at least £1m, which it said would value the business at £26m.
Navmii’s free mobile navigation app combines voice-guided navigation, live traffic information, local search and safe driving ratings. The app is available for iOS, Android, Windows Phone and Blackberry and has so far clocked up more than 26m downloads across 85 countries. Navmii is powered by its own proprietary mapping data, real-time community updates, and OpenStreetMaps
Navmii said that capital raised from the campaign will be used to invest in future product developments, including enhancements to voice-based social reporting and the application of artificial intelligence to deliver a more accurate and intuitive driving experience. The new Navmii will scan the driver’s surrounding road conditions using the camera in their phone and will proactively warn the driver of oncoming traffic, road signs, hazards and safety cameras, and suggest alternative routes.