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WiTraC Comunicaciones Inteligentes SL , a Valencian startup specialist in location solutions, has raised three million euros to boost its international expansion in Europe and the United States United, after an investment round in which Goldacre Ventures, Mundi Ventures and the venture capital manager Clave have participated.
Specifically, Clave has just made a new investment in WiTraC through its Tech Transfer UPV FCR funds and Mondragon FCR Promotion Fund.
This is an “important step” for the manager, by betting on an innovative and “booming” market such as the IIoT (Internet of Things industrialists) and artificial intelligence, through incorporation into its portfolio of a project of “high industrial innovation that promotes important sectors for our economy”.
This injection of capital will be used to support WiTraC’s expansion in Europe and the US, in addition to strengthening its presence in strategic sectors such as logistics and the automotive industry. The objective is to consolidate WiTraC as a leading IIoT technology provider in the United Kingdom, Germany and Spain, in addition to preparing its landing in the United States market in 2020, advances its CEO, Javier Ferrer .
In fact, Ferrer, in an interview with this newspaper, explained that his plans were to open offices in the Basque Country, Madrid and Barcelona and, at the same time, make the leap on an international scale in places such as USA, Mexico and England before the end of 2019. An expansion motivated by the growth of a business that offers modular and wireless location and monitoring solutions for companies.
The funds raised will also allow WiTraC to accelerate the technological development of its hardware and software products in areas such as advanced data processing and analysis. Large corporations that work with the firm, such as Ford Motor Company, Volkswagen Group, Mercadona or Carrefour, will be able to benefit from this increase in production and technological capacity.
“The incorporation of international investors will allow us to accelerate internationalization in consolidated and emerging markets”, predicts Pedro de Álava , director of Tech Transfer UPV FCR, a fund for which WiTraC This is your eighth investment.
This is the first investment by Mondragon FCR Promotion Fund. “From Clave we are very attentive to teams, such as WiTraC, that develop solutions that positively impact the competitiveness of the Mondragón corporation environment and, by extension, in any industrial company”, highlights the director of the fund, Alberto Bermejo .