CoreTigo's Industrial Wireless Solutions Further Advance IIOT and Factory Automation Communication
NETANYA, Israel, June 24, 2021 /PRNewswire/ -- CoreTigo, the industrial wireless connectivity solutions provider, today announced the close of its $13 million Series B financing round, bringing total financing raised to date to $27 million. 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 revolutionizing 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."
On a mission to satisfy the needs of manufacturing plants for smart and adaptive technologies, CoreTigo's solutions are driving a broad range of benefits such as downtime reduction, predictive maintenance, and throughput increase. With a diverse set of challenging market requirements from machine builders, automation equipment manufacturers and system integrators, the funding will be used to invest in customer satisfaction and expand sales & business development activities across the globe.
"CoreTigo is leading the mission critical wireless solutions market while integrating its technology and products with many of the industrial automation leaders. Its world class team, defensible technology and fast-growing business positions them at the center of the next wave of innovation in the automation sector," said Gonzalo Martinez de Azagra, Founder and General Partner at Cardumen Capital.
"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."
Verizon Communications Inc. (NYSE: VZ) (Nasdaq: VZ) was formed on June 30, 2000 and is one of the world's leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $128.3 billion in 2020. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers' demand for mobility, reliable network connectivity, security and control.
CoreTigo is unbinding the industrial space by providing high-performance IO-Link Wireless communication solutions for machine builders, system integrators and industrial equipment manufacturers. CoreTigo's products enable the design and retrofit of machines and production lines that were not possible before. These solutions increase flexibility, adaptivity and modularity, resulting in cost effectiveness, increased productivity and downtime reduction. Embraced by industrial leaders, the IO-Link Wireless global standard, fit for harsh factory environments and motion control applications, provides cable-grade connectivity for millions of sensors, actuators and industrial devices worldwide.