LORIOT, the IoT company enabling long-range IoT networks worldwide, announces the closing of its Series A investment funding by WIKA Group, a global company with headquarters in Germany. WIKA Group is leader in the pressure and temperature measuring equipment manufacturing market and has a strong focus in the gas and oil industry.
WIKA’s strategic investment will ensure LORIOT’s further expansion and an acceleration of its growth as a leading network server provider. Maintaining a strong focus on innovation in the LPWAN market, introducing new services and setting new standards to enable massive long-range IoT deployments all around the globe.
LORIOT as well as WIKA see this investment as a starting point for a strategic partnership with the common goal to support each other to address new markets and speed up their expansion strategies. Alongside strategic purposes, the two companies share a sense of responsibility towards the environment and society, this further strengthens their partnership.
Axel Kaltofen, WIKA Executive Vice President Process Instrumentation, will be a member of LORIOT board of directors and will contribute to key decisions of the company. According to Axel Kaltofen, WIKA is "looking forward to working together with LORIOT to extend the WIKA’s IIoT solutions portfolio with LORIOT’s outstanding products and IIoT Know-How for LPWAN network management."
"LORIOT is a young and profitable company with an excellent reputation. We've had steady growth since our inception, and now is the perfect time for us to take full advantage of the investment. Even more so with the WIKA Group, which is the ideal strategic partner to help us achieve our full potential and support our future expansion." Commented Julian Studer, CEO & founder of LORIOT.
With its Headquarters in Switzerland and offices in Valencia and Budapest, LORIOT was established in 2015. Today the company runs one of the largest global public infrastructure and provides carrier-grade Private Network Servers for governments, telecoms operators, blue-chip organizations and small to medium-sized enterprises. The quality of LORIOT's network server and its excellent reputation in the market have been key factors in its steady growth.
LORIOT's management team is fully committed to innovation in order to offer its customers the best solution to meet the different needs of multiple use cases. From now on, LORIOT will be supported by WIKA as a strategic investor and partner on this path.