by Verizon Ventures
Verizon Ventures is proud to usher in Industry 4.0 with a strategic investment in CoreTigo, an Israel-based wireless connectivity startup that is providing an alternative to cables on the factory floor, allowing for 5G-enabled industrial communication that is reliable, fast and scalable.
The formerly-antiquated manufacturing industry has opened its arms to Industry 4.0 via the Internet of Things (IoT) and with it, a new way to manage production and operations, collect and analyze data, and maintain transparency on the factory floor. The IoT manufacturing market was valued at $175.3 billion in 2020, and is expected to reach $399.08 billion by 2026.
CoreTigo recently closed a $13 million Series B funding round, led by Verizon Ventures and Cardumen Ventures, bringing its total funding raised to date to $27 million. CoreTigo’s portfolio of investors also includes existing investors Qualcomm Ventures, Lenovo Capital, Magma Venture Partners, Meron Capital, and Sierra Ventures.
CoreTigo’s solutions reduce manufacturing downtime and offer predictive maintenance and throughput increase while simultaneously meeting a challenging set of market requirements from machine builders, automation equipment manufacturers and system integrators. CoreTigo is on a mission to bring all of the capabilities of wired technology to a wireless, cloud-enabled world, and exceed the needs of manufacturing plants worldwide.
CoreTigo’s founding team
CoreTigo’s founding team brings decades of experience in the wireless communications space: CEO Eran Zigman previously managed Texas Instruments’ WiLink product line of wireless connectivity products; Ofer Blonskey, VP of R&D, developed Radio Frequency, PHY algorithms, and embedded systems at Apple prior to co-founding CoreTigo; and Chief Strategy and Marketing Officer Gabi Daniely led the marketing and product strategy for AeroScout, which pioneered the WiFi RFID space before being acquired by Stanley Black & Decker.
The CoreTigo difference
“CoreTigo has redefined wireless communications solutions by delivering low-latency and high-reliability in mission critical applications, unlike others on the market. The company’s wireless capabilities are designed for the factory environment, enabling fast, scalable communication across the factory floor, and full access to data anywhere and in any environment.”
Manufacturing plants will benefit from downtime and maintenance reduction, experience faster machine speed and capacity, and smarter production line planning. CoreTigo’s innovative technologies redefine Industry 4.0 connectivity, linking each component of manufacturing: ERP and MES systems, the human workforce and the broader machine environment.
As machines and processes evolve, the industry must continue to develop and innovate on wireless industrial communications. CoreTigo’s IO-Link Wireless solutions are an integral part of the advancement of IIoT (the Industrial Internet of Things) and the convergence of IT and OT.
Verizon Ventures and Industry 4.0
In order to achieve Industry 4.0, the industrial and manufacturing space must prioritize the development and implementation of wireless communications. CoreTigo’s solutions work together to send data from the factory floor to the cloud and share it instantly, providing a new and scalable use case for 5G and Multi-Access Edge Computing in manufacturing environments.
The manufacturing industry is on the precipice of something new. Manufacturers need a tool to help them anticipate and meet the demands of the modern supply chain and consumer. CoreTigo is that solution. Verizon Ventures is excited to partner with CoreTigo and create widespread innovation in this new stage of growth.
