CoreTigo, a Tel Aviv, Israel-based provider of industrial mission-critical wireless connectivity solutions company, has raised $10 million in Series A funding led by Qualcomm Ventures LLC and Sierra Ventures. Magma Venture Partners, Cardumen Capital, and Meron Capital also participated in this round of funding.
This round of funding will be used for accelerating the development of CoreTigo’s core technology and intellectual property. And the CoreTigo is going to expand its strategic and business partner ecosystem.
“We are very excited to welcome our new investors,” said CoreTigo co-founder and CEO Eran Zigman. “The financial and strategic backing validates the huge market opportunity and enables CoreTigo to maintain its momentum and further expand its development and business operations.”
Since launching in 2017, CoreTigo’s mission has been to optimize industrial operations and extend connected enterprises by exposing manufacturers to higher amounts of data from anywhere in the factory in a cost-effective and reliable manner. Plus CoreTigo is pioneering the IO-Link Wireless communication standard with industry leaders and IO-Link Wireless members to build industrial-grade wireless mission-critical solutions.
Qualcomm Ventures director Boaz Peer pointed out that the “rapidly evolving Industry 4.0 and Industrial IOT make CoreTigo’s offering timely given their technology is targeting standard-based low power, low cost and robust wireless mission critical connectivity,” This has great potential to impact the industrial space and technologies like 5G.
And Alexandre Bonay of Siemens Dynamo explained that “IO-Link has already become one of the strongest industrial smart I/O protocols.” By extending it to wireless, it will enable multiple types of applications requiring higher flexibility and reliability.
CoreTigo is planning to further open the door to industrial IOT by addressing the manufacturing need for interoperable wireless communications between controllers, sensors, and actuators. And CoreTigo’s technology will lower deployment and cabling costs and reach more applications and systems like robotic arms and rotating tables.
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