Led by United Ventures, the investment round sees the participation of a pool of Italian and international investors and business angels
The startup Zerinth, a spin-off of the University of Pisa, Italy supporting companies in digitizing production processes and developing connected industrial products through Industrial IoT solutions, has raised a €5.3 million investment round led by United Ventures, the Italian venture capital fund specializing in investments in technology startups.
A pool of selected Italian and international investors and business angels, including Vertis SGR with Venture Factory through the VV3TT Fund, LIFTT and CDP Venture Capital with the “Comparto IndustryTech” of the Corporate Partners Fund, also took part in the capital increase, which stands as one of the largest rounds in Italy in the Industrial IoT field. After raising 2 million euros in 2020, with this new round Zerynth brings the total capital raised to 7.3 million euros.
The funding will support the company’s domestic and international expansion for the next three years. Resources will also be invested to hire new talent and strengthen the team to support product development and enhancement, including the introduction of new features of the Industrial IoT app leveraging the opportunities of IoT and AI technologies; finally, part of the resources will be dedicated to establishing new strategic partnerships with major players in the industrial field.
Based in Pisa, Italy Zerynth has now a team of more than 35 people with deep IoT experience and more than 100 clients in all industries, from manufacturing to agriculture, energy to logistics. Zerynth’s patented IoT technology is easy to deploy, scalable and flexible and allows to acquire data from old and new generation machinery, monitor production in real time, measure energy consumption, predict malfunctions, and get notifications in real time: thus, claims the company, it leads to a reduction of energy costs by up to 40 percent, a decrease of downtime by up to 70 percent, and a reduction of maintenance costs by up to 30 percent.
“This investment is a great recognition of the work done in recent years: with our solutions, we have enabled every piece of machinery – old and new, professional and industrial – to ‘speak’ the language of Industry 4.0 and management, highlighting the goals that can be achieved with our solutions, Our challenge has always been to make IoT and AI accessible to SMEs so that they can improve business processes and sustainability”, said Gabriele Montelisciani, CEO of Zerynth.