LoRaWAN IoT solutions provider TrackNet raises $7M in Series A

TrackNet, a LoRaWAN IoT solutions provider for consumer and industry, has raised $7 million in Series A investment round from Minol Zenner Group and Gemtek Corporation. While Minol Zenner produces and markets measuring equipment, Gemtek is an OEM for telecommunications equipment and is developing a variety of LoRa products. Rapperswil, Switzerland headquartered TrackNet will use the funds to develop “complete end-to-end consumer, tracking, and facility management IoT solutions”. The company has an office in Sunnyvale, CA, too. TrackNet will unveil its first complete LoRa solution at Mobile World Congress (MWC) in Barcelona February 27 through March 2. “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.” Alexander Lehmann, CEO and Chairman, Minol Zenner Group, added, “We plan to utilize TrackNet solutions to transform our metering business and enable new business models. We believe LPWAN will enable many different high-volume use cases in consumer and industry to create a more sustainable world.” LPWAN is expected to make up the volume of connected devices and growth for the IoT. 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.