Industrial IoT start-up WITRAC secures $3.3 million venture capital investment

WITRAC, a start-up specialising in Industrial Internet of Things (IIoT) solutions for manufacturing and logistic companies, has secured $3.3 million (€3m) of funding in an investment round led by Goldacre Ventures and Mundi Ventures who also sit on the Spanish start-up’s board. Clave Mayor Tech Transfer and Mondragón Corporation also participated in the round.The capital injection will support the company’s expansion in Europe and into the United States, as well as reinforcing its presence in strategic sectors including logistics and automotive, among others. 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”.