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Azitek completes new round of capital raising, led by Beta Capital in co-investment with Portugal Ventures and Cedrus Capital.
Porto, June 19, 2024 – Azitek, a startup incubated at UPTEC – Science and Technology Park of the University of Porto, has just concluded a new round of capital raising, in an operation led by Beta Capital, in co-investment with Portugal Ventures (Initial Investor) and Cedrus Capital, for a total amount of 750 thousand euros. Azitek thus exceeds 1 million euros raised in investment rounds, reinforcing its capacity for expansion and innovation in the IoT technology sector, especially in the digitization of assets in industrial environments.
The capital raised will be decisive not only to consolidate the innovation and robustness of the solutions, but also to allow the growth of the team, expand the presence in the Spanish market and explore other European markets, solidifying technological innovation for logistics and smart manufacturing: “We are very pleased with the closing of this round, which will allow us to strengthen the team, accelerate the entry into new markets and continue to develop our differentiating technology.”, says José Valente, CEO of Azitek.
Obtaining the recognition of suitability, in terms of R&D, by ANI – National Innovation Agency, and the completion of this round will allow Azitek to accelerate the development of the technology with wide application in asset tracking, using IoT systems. The solution is specially adapted to optimize asset management and automate logistics processes in various industrial sectors, with customers in Portugal, Spain and the United States.
Roberto Branco, CEO of Beta Capital, highlights that “Azitek’s solutions respond to several challenges in the industry, namely in monitoring and optimizing logistics with real-time information. We are excited about the roadmap for developing their products to increase their value proposition for their customers and their implementation globally.”
For Pedro de Mello Breyner, Member of the Board of Directors of Portugal Ventures, this new round raised by the UPTEC startup reinforces the first investment made in 2019 and its commercialization in the global market. “With this new round of capital, Azitek is now prepared to consolidate the robustness of its technological solutions, increase the team, cement its position in the Spanish market and explore its presence in other European markets. These are very ambitious goals for this new phase and we are convinced that the Azitek team will be able to successfully meet them.”
For its part, Cedrus Capital believes that the future of the industry involves digitalization, connectivity and the application of AI solutions to production processes and the entire logistics chain. “Azitek is a bet in this area, with high growth potential based on a highly qualified team, innovative technology and a sophisticated customer base, technologically innovative and leaders in the national industry panorama”
In 2023, and after winning an initiative by the European Institute of Innovation and Technology (EIT) Manufacturing, Azitek was chosen by Ford Motor Company to implement an Asset tracking at the American automaker’s largest European plant, which allowed to solve the problem of manual inventory execution, a process that is prone to errors, and which leads to an annual loss of 7% of used boxes.
In addition to Ford Motor Company, Azitek applies its technology in waste management in the city of Porto, through Porto Ambiente, and offers solutions for the industry in the area of process automation, with Bosch, BorgWarner, Gestamp, among others, as customers.
About Beta Capital
Beta Capital is a private and independent venture capital company operating in Portugal since 2003. Since its foundation, Beta Capital has been focusing on innovative technological projects, financing, and contributing decisively with hands-on support to the projects and teams in which it invests so that they reach their full potential. Beta Capital team has a vast history and experience in managing venture capital funds and their investment portfolio. Beta Capital cares about the planet, humanity, and its stakeholders.
About Azitek
Azitek is a spin-off from Porto University, located at UPTEC, an innovation hub in Portugal. The company specializes in providing real-time asset visibility to power logistics digitalization. Its solutions cater to a variety of use cases including asset management, returnable container inventory, smart waste management, workflow management, pedestrian safety, and tugger train tracking. By leveraging IoT systems, Azitek enables companies to gain better visibility and management of their assets. Azitek works with companies such as the Ford Motor Company, Bosch, BorgWarner and Porto Ambiente.
Click here to know more about Azitek.
