Locate in real time and without cables any industrial asset both inside the factory and outside it. It might seem like a no-brainer, however, this is a historical shortcoming in manufacturing. Until the internet of things arrived: the era of everything connected.
The Valencian startup Witrac bet everything on this technology. And the play has gone well. In just a few years, its technology has found its way into the plants of more than 50 clients, such as Ford, Mercadona, Carrefour, Celsa, Volkswagen or Porcelanosa . Now he has just raised three million euros. Its objective? Take the international leap.
The investment round has been led by the Goldacre Ventures and Mundi Ventures funds, who become part of the startup’s board of directors. Clave Mayor, through its Tech Transfer UPV funds and Mondragón Fondo de Promoción, has also participated in the operation.
The capital injection will be used to support the expansion of the company in Europe and the United States , in addition to strengthening its presence in strategic sectors such as logistics and the automotive industry, among others. According to Javier Ferrer, CEO of Witrac, in a press release, the main objective is to consolidate the startup as a leading industrial internet of things (IIoT) technology provider in the United Kingdom, Germany and Spain and prepare for the arrival at the US market in 2020.
The funds raised will also allow Witrac to accelerate the technological development of its hardware and software products in key areas such as advanced data processing and analysis.
Despite its youth, the company offers a complete solution that includes different advanced IoT sensing devices and an artificial intelligence (AI) platform. The so-called Witrac Core, its proprietary algorithm based on artificial intelligence and ‘machine learning’, allows you to capture data and analyze it to drive automation and advanced insights. As Witrac technical director Pep Pons points out: “The agility and flexibility that organizations demand in their day-to-day operations means simplifying technology deployment and making increasingly efficient use of real-time data.”
Ferrer also points out that “there is a smarter way of doing business and the first step to achieve it is to give companies visibility, traceability and total control , along with process automation. The second is to allow them detect trends and predict changes in its value chain, all of which results in a competitive advantage, which involves turning data into a strategic tool inside and outside the organization.
For her part, the CEO of Goldacre, Fionnuala Hogan, hopes to help the startup “build solid relationships with the main global players in the industry, and thus continue to harmonize the marriage between technology and production processes.”