CoreTigo Raises $10 Million for their Industrial Internet of Things Efforts

CoreTigo, a provider of industrial mission-critical wireless connectivity solutions, has raised USD $10 Million in Series A investment round.

The latest investment round was led by Qualcomm Ventures LLC and Sierra Ventures and other participating investors include Magma Venture Partners, Cardumen Capital, and Meron Capital.

Israel based CoreTigo was founded in 2017. The company deals with wireless mission-critical communications for the Industrial Internet of Things (IIoT/IoT) market.

Executive Opinion

CoreTigo Co-founder and Chief Executive Officer (CEO), Eran Zigman, said, "We are very excited to welcome our new investors. 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."

Director at Qualcomm Ventures for Qualcomm Israel Ltd, Boaz Peer, said, "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. We believe it has great potential to impact the industrial space along with technologies like 5G which Qualcomm is making possible."

What's Next

CoreTigo said in the announcement that the funds will be used to expand CoreTigo's strategic and business partner ecosystem with a focus on building end-to-end solutions by improvising the development of CoreTigo's core technology and IP.

CoreTigo uses IO-Link Wireless standard and creates a connected industrial environment without any cables in a reliable and cost-effective manner. Newer applications and systems such as robotic arms, rotating tables, and other mobile systems will be addressed further to reduce their cost of deployment.

IO-Link Wireless, a natural extension of the wired IO-Link standard, is the first wireless standard to replace cables for remote sensors and actuators in production automation. IO-Link is one of the strongest industrial smart I/O protocols and IO-Link wireless protocol further helps in enabling the evolution of Industry 4.0. The wireless standard facilitates connecting legacy machines to the cloud and easy monitoring of the same machines from the cloud.

For the Industrial Internet of Things (IIoT/IoT) market, the company also facilitates wireless communication between sensors, actuators, and controllers in a cost-effective manner.