TrackNet lands $7m funding to develop LoRa services
January 24, 2017
TrackNet, a Swiss-based LoRaWan IoT start-up for consumer and industry, has announced a $7m Series A investment from Minol Zenner Group and Gemtek.
The company plans to use the funds to develop complete end-to-end consumer, tracking and facility management IoT services with scalability. The company is headquartered in Rapperswil, Switzerland, with an office in Sunnyvale, California.
TrackNet was created by a founding team of experts from Semtech, IBM and Cisco who played roles in bringing LoRa LPWAN technology to market and built the ecosystem that became the foundation of the LoRa Alliance. TrackNet will unveil its first complete LoRa product at next month’s Mobile World Congress in Barcelona.
LPWAN is expected to make up the volume of connected devices and growth for the IoT. LoRa is one of the leading technology in the LPWAN space due to its long-range capabilities and ability to create low cost, long battery life sensors.
With low cost in-building and in-home hubs or gateways, LoRa also has significant advantages in reducing network deployment costs and for usage in enterprises. TrackNet is a member of the LoRa Alliance.
Gemtek is a telecommunications equipment OEM and is developing various LoRa products.
“We invested in TrackNet due to the expertise the founding team brings and scalability of its business model,” said Howard Chen, CEO of Gemtek. “We expect significant growth in the LPWAN market over the next few years and want to align our products and investments to capitalise on this growth.”
Minnol Zenner Group operates in the global smart meter and sub-metering markets.
“We plan to utilise TrackNet to transform our metering business and enable new business models,” said Alexander Lehmann, CEO and chairman of Minol Zenner Group. “We believe LPWAN will enable many different high-volume use cases in consumer and industry to create a more sustainable world.”
TrackNet provides scalable LoRaWan IoT for consumers and industry, focusing on ease of use and scalability. It is developing end-to-end systems including sensors, gateways and apps with optimised user experience for targeted LPWAN and IoT applications. The TrackNet team has been instrumental in specifying, building and establishing LoRaWan and the LoRa Alliance for more than five years.