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!
Subscribe to our newsletter
If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.
 (1).png)
The UK’s fastest-growing plant-based meat brand, THIS™ set to launch Seedrs campaign to support further innovation, bold marketing and international expansion.
CropSafe, a platform revolutionizing the future of farming, announce that they have raised over $3M in seed funding and have opened U.S. headquarters in Los Angeles.
Voicy, the online content platform for discovering, creating and sharing sound-clips and sound-effects secures investment to support team expansion and global growth.
.jpg)
Career Masterclass has launched a new website to showcase its offerings, as a strategic partner for businesses wanting to bolster D&I policies.
NI Startup? Fancy showcasing your startup at this year's Digital DNA event? We've got up to 10 spaces for NI startups to do just that. Here's the details!
Germany's leading digital solar platform, Zolar secures major investment to support roll out of new digital energy products.
Metro Bank seeks startups and scaleups with a focus on customer experience, community banking, optimisation of systems & data and sustainability for its second innovation lab.
Need a little extra motivation to get your daily step count up? Treekly will help you do your bit for the climate crisis with every step you take...
The lowdown on London-based SaaS startup Adadot and its innovative performance and wellbeing tracking platform for developers.
.jpg)
Henrik Grim, European GM of Capchase shares insights on how founders can navigate these more challenging funding conditions.
Published on: 16th December 2019
If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.
- Voicy lands €1.2 million pre-Seed from Global Founders Capital to build the GIPHY for sound 20th May 2022 Voicy, the online content platform for discovering, creating and sharing sound-clips and sound-effects secures investment to support team expansion and global growth.
- Zolar Lands €100 Million Series C On The Back Of Surging Demand For Affordable Green Energy 19th May 2022 Germany's leading digital solar platform, Zolar secures major investment to support roll out of new digital energy products.
- Metro Bank opens call for participants for second Magic Makers programme 17th May 2022 Metro Bank seeks startups and scaleups with a focus on customer experience, community banking, optimisation of systems & data and sustainability for its second innovation lab.
- Storyblok Raises $47M Series B to Make Headless Content Management the New Standard 17th May 2022 Storyblok secures major investment to further accelerate product innovation and growth into the US and Europe.
