"Our biggest challenges were developing an algorithm which optimally combines the data from GPS and the other sensors, and overcoming the issues of using such low-cost sensors in a system without any absolute location reference, " said Smithson.

ENGADGET: Cambridge Consultants develops indoor tech to pick up where GPS drops off

The page of bits is read by aiming the reference beam at the given location.

FORBES: Deep Storage

If preferred, the owner also can take pictures of the surrounding area for reference, write a reminder note, email his or her location and set an alarm if the car is parked at a meter.

ENGADGET: Google and Kia partnership will bring Google Maps and Places to new cars this year