Join Now! /

WITRAC, the Industrial IoT startup secures €3m investment

Startacus RSS

by Startacus Admin

WITRAC image

WITRAC, the Spanish startup specialising in Industrial Internet of Things (IIoT) solutions secures major investment.

WITRAC logoGreat 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”.

WITRAC 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.
Startacus RSS
Business DealsSubmit Your Startup
Win TicketsNetwork and Collaborate
Our Latest Features

Published on: 16th December 2019

If you would like to enable commenting via your Startacus account, please enable Disqus functionality in your Account Settings.

Create an Idea!View Other Ideas, Projects or Startups
Why not Sign Up?
Create Projects
Edit Projects
Self Interviews
Self Starter of the Year
Product Giveaways
Subscribe to our Newsletter
Check us out at our Google+ page!