Google’s Schmidt Invests In Beacon Startup Estimote

U.S.- and Poland-based Bluetooth low energy (BLE) beacon maker Estimote has announced $3.1 million in new seed funding, VentureBeat reported on December 10.

Investors in the round included Google executive chairman Eric Schmidt’s VC firm Innovation Endeavors. Betawords and Bessamer Venture Partners also participated in the round.

The company also announced former GroupMe business development head Steve Cheney will join the team, running business operations from a new office in New York City.

Estimote is one of many competitors looking to impact a market that includes Apple’s iBeacon and a recently launched option from Qualcomm. For more on Qualcomm’s product and what it means for the market, read our full report here.

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