TrackNet, Inc. has announced a $7 million Series A investment from Minol Zenner Group and Gemtek Corp.
TrackNet will use the funds to develop complete end-to-end consumer, tracking, and facility management IoT solutions with unparalleled scalability to enable a new era of solutions for a more sustainable world. The company is headquartered in Rapperswil, Switzerland, with an office in Sunnyvale, Calif.
TrackNet is created 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 fastest growing technology alliance in IoT. TrackNet will unveil its first complete LoRa solution at Mobile World Congress (MWC) in Barcelona February 27 through March 2.
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 minimizing network deployment costs and for usage in enterprise solutions. TrackNet is a member of the LoRa Alliance which is ensuring interoperable LoRaWAN networks and certified devices that can be utilized globally.
Gemtek is an OEM for telecommunications equipment and is developing a variety of 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 capitalize on this growth.”
Minol Zenner Group works in the smart meter and sub-metering markets. “We plan to utilize TrackNet solutions to transform our metering business and enable new business models,” said Alexander Lehmann, CEO and Chairmen 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.”