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WITRAC, the Industrial IoT startup secures €3m investment
by Startacus Admin
WITRAC, the Spanish startup specialising in Industrial Internet of Things (IIoT) solutions secures major investment.
Great news for WITRAC, a Spanish startup specialising in Industrial Internet of Things (IIoT) solutions for manufacturing and logistic companies with the announcement that it has raised $3.3 million (€3m) of funding in an investment round led by Goldacre Ventures and Mundi Ventures. Clave Mayor Tech Transfer and Mondragón Corporation also participated in the round. WITRAC offers a complete solution that includes different advanced IIoT sensor devices and an AI data platform. The WITRAC Core, powered by proprietary algorithms based on artificial intelligence and machine learning, allows WITRAC to capture data and to run analytics driving advanced insights and automation.
The capital raised will help support the startup’s expansion plans and also help to strengthen its presence in key strategic markets including logistics and automotive. The money will also help WITRAC to accelerate the development of its IIoT hardware and software products.
Javier Ferrer, WITRAC’s CEO, commented that the main objective is “to consolidate WITRAC as a benchmark IIoT technology supplier in the UK, Germany and Spain and to prepare for an expansion into the US market in 2020”.
Speaking on the investment, Goldacre’s Managing Director, Fionnuala Hogan, said:
“As one of our RElab alumni, we are excited to further support WITRAC alongside our co-investors to internationalise their business and to accelerate growth within their core target sectors. We look forward to help building on their existing strong relationships with key global players within the space and continuing to harmonise the intersection between tech and production processes.”
It is a view echoed by Mundi Ventures with their General Partner, Rajeev Singh-Molares, commenting: “As a venture fund that focuses on supporting entrepreneurs with differentiated technologies and commercial promise, we are proud to announce our investment in Witrac. We look forward to adding strategic value in their growth and internationalization processes in the coming years.”
And we look forward to watching this innovative startup go from strength to strength!
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Published on: 16th December 2019
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