CoreTigo raises $13m Series B round led by Cardumen Capital and Verizon Ventures
CoreTigo, the industrial wireless connectivity solutions provider, today announced the close of its $13m Series B financing round, bringing total financing raised to date to $27m.
Strategic investor Verizon Ventures joined CoreTigo’s portfolio of distinguished investors, including Cardumen Capital, which led the round, and existing investors Lenovo Capital, Magma Venture Partners, Meron Capital, Qualcomm Ventures LLC and Sierra Ventures.
CoreTigo’s innovative IO-Link Wireless technology is creating an array of new and robust wireless solutions previously not feasible in the industrial space for real-time control and monitoring.
The company’s solutions are revolutionising factory automation by providing cable-grade wireless connectivity which enables the most adaptive and flexible machine design; smart and modular production line planning; and full access to data anywhere and in any environment.
As smart machines and processes are evolving, the continuous development of wireless industrial communication is key in the advancement of the Industrial Internet of Things (IIOT). CoreTigo’s IO-Link Wireless solutions are an integral ingredient in the convergence of IT and OT, complementing 5G global wireless communication providers to enable high performance communications at all times.
“The benefits of industry 4.0 cannot be realized without prioritizing wireless communications as a key component,” said Tammy Mahn, Managing Director at Verizon Ventures. “CoreTigo is a leader in the automation of manufacturing through its wireless technology that, coupled with 5G and Multi-Access Edge Computing, brings the power of data to manufacturers in a cost-effective, reliable, and flexible manner.”
“The continuous funding of our existing investors in this round and the addition of Verizon Ventures is a great vote of confidence in CoreTigo,“ said Eran Zigman, CoreTigo Co-founder and CEO. “This validates the huge market opportunity and the increased demand we are experiencing for smart wireless mission critical solutions.”