Azitek reaches €1M in investment with asset tracking system

equipa Azitek

The UPTEC startup has completed a new round of capital raising in an operation by Beta Capital, Portugal Ventures and Cedrus Capital

Azitek, a startup incubated at UPTEC – Science and Technology Park of the University of Porto, has just completed a new round of capital raising, in an operation led by Beta Capital, in co-investment with Portugal Ventures (Initial Investor) and Cedrus Capital, totalling 750 thousand euros. Azitek has thus exceeded 1 million euros raised in investment rounds, reinforcing its capacity for expansion and innovation in the IoT technology sector, especially in the digitalisation of assets in industrial environments.

The capital raised will be decisive not only in consolidating the innovation and robustness of the solutions, but will also allow the team to grow, expand its presence in the Spanish market and explore other European markets, solidifying technological innovation for logistics and intelligent manufacturing “We are very pleased with the closing of this round, which will allow us to strengthen the team, accelerate entry into new markets and continue to develop our differentiating technology,” says José Valente, CEO of Azitek.

The recognition of its suitability for R&D by ANI – Agência Nacional de Inovação (National Innovation Agency) and the completion of this round will allow Azitek to accelerate the development of technology with wide application in asset tracking, using IoT systems. The solution is specially adapted to optimise asset management and automate logistics processes in various industrial sectors and has customers in Portugal, Spain and the United States.

Roberto Branco, CEO of Beta Capital, points out that “Azitek’s solutions respond to various industry challenges, particularly in monitoring and optimising logistics with real-time information. We are excited about the development roadmap for their products, in order to increase the value proposition for their customers, and their global implementation.”

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 commercialisation in the global market. “With this new round of capital, Azitek is now ready to consolidate the robustness of its technological solutions, increase its team, cement its position in the Spanish market and explore its presence in other European markets. These are very ambitious objectives for this new phase and we are convinced that the Azitek team will be able to fulfil them successfully.”

For its part, Cedrus Capital believes that the future of industry lies in digitalisation, 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, technologically innovative and leading customer base in the national industry.”

In 2023, after winning an initiative from the European Institute of Innovation and Technology (EIT) Manufacturing, Azitek was chosen by Ford Motor Company to implement an asset tracking system at the American car manufacturer’s largest European plant, which has made it possible to solve the problem of manual inventory taking, a process that is prone to errors and leads to an annual loss of 7 per cent of the boxes used.

In addition to Ford Motor Company, Azitek applies its technology to waste management in the city of Porto, through Porto Ambiente, and offers solutions for industry in the area of process automation, with clients such as Bosch, BorgWarner and Gestamp, among others.

June 19, 2024

This news is written within the PRODUTECH Digital Innovation Hub, a network of digital innovation for the manufacturing industry. The Project aims to foster the digital transition of this industry and catalyze innovation within the ecossystem.
Funded by the European Union. Views and opinions are however those of the author(s) only and do not necessarily reflect those of the European Union or of the European Commission-EU. Neither the European Union nor the granting authority can be held responsible for them.
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