CoreTigo, an industrial wireless IoT communications company, raised $10 million in an investment round led by Qualcomm Ventures and Sierra Ventures. The Israel-based company’s financing round also garnered interest from Magma Venture Partners, Cardumen Capital and Meron Capital.
The company says it will use the funding to further develop its technology and reach more partners who can benefit from its intellectual property. CoreTigo was founded in 2017 and is focused on helping manufacturers gain more insights from data in their factories.
The company is working on the IO-Link wireless communications standard, which is used to connect digital sensors to industrial equipment to develop automated processes. CoreTigo’s technology is “targeting standards-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,” Boaz Peer, director at Qualcomm Ventures, said in a prepared statement.
The company says its goal is to lower costs for deployment and cabling while reaching more applications such as robotic arms, rotating tables and other mobile-equipped systems. “We are very excited to welcome our new investors,” Eran Zigman, CoreTigo co-founder and CEO, said in a prepared statement. “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.”