The company plans to launch its first complete LoRa solution at Mobile World Congress
TrackNet, has secured $7m in Series A funding to help it develop and deploy Internet of Things (IOT) solutions.
TrackNet plans to use the funds to develop complete end-to-end consumer, tracking, and facility management IoT solutions including sensors, gateways, and apps with “unparalleled scalability”.
The LoRaWAN IoT solutions provider was set up by a founding team of experts from Semtech, IBM, and Cisco who played critical roles in bringing LoRa LPWAN technology to market and built the ecosystem that became the foundation of the LoRa Alliance.
The company will unveil its first complete LoRa solution at Mobile World Congress (MWC) in Barcelona later in February.
The Series A investors are original equipment manufacturer (OEM) for telecommunications Gemtek Corporation which is developing a variety of LoRa products and Minol Zenner Group, a global smart meter and sub-metering solutions provider.
“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.”
LPWAN is expected to make up the volume of connected devices and growth for the Internet of Things. LoRa is 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 minimising network deployment costs and for usage in enterprise solutions.
“We plan to utilise TrackNet solutions to transform our metering business and enable new business models,” said Alexander Lehmann, CEO and chairman, 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 is a member of the LoRa Alliance which is ensuring interoperable LoRaWAN networks and certified devices that can be utilised globally.
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