WiTraC, a Spanish startup specialising in Industrial Internet of Things (IIoT) solutions for manufacturing and logistic companies, raised €3 million of funding in a round led by Goldacre Ventures and Mundi Ventures. Clave Mayor Tech Transfer and Mondragón Corporation also participated in the round.
The Valencia-based startup develops manufacturing hardware and software — advanced IIoT sensor devices and an AI data platform — to aid digital transformation in industrial sectors. The products are specifically focused on optimizing supply chain management. In fact, WiTraC is capable of identifying, locating, measuring and controlling any asset anywhere, wirelessly and in real time. Powered by proprietary algorithms, WiTraC Core captures data and runs analytics, helping companies actually make good use of the data available.
CEO Javier Ferrer said: “There is a smarter way to do business and the first step in achieving this is to give companies visibility, traceability and total control, as well as process automation. The second is to enable them to detect trends and predict changes in their value chain. This provides a competitive advantage that comes from turning data into a strategic tool inside and outside the organisation.”
Founded in 2012 by Ferrer and Jose Pons, the startup serves over 50 customers in 15 countries, including big names such as Ford Motor Company, Volkswagen Group, Mercadona, and Carrefour.
The new funding will help the company develop its IIoT hardware and software in key areas such as analytics and advanced data processing. Ferrer commented that the goal 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.”