Azitek, an emerging startup based in Porto and incubated at UPTEC, has recently announced the successful completion of a new fundraising round. This operation was led by Beta Capital, co-investing with Portugal Ventures (Initial Investor) and Cedrus Capital, totaling €750,000. With this, Azitek surpasses €1 million raised in investment rounds, reinforcing its capacity for expansion and innovation in the IoT technology sector, particularly in the digitalization of assets in industrial environments.

José Valente, CEO of Azitek, expressed great satisfaction with the success of the funding round: "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 developing our distinctive technology." He also highlighted the importance of investor support and the competence of the team, crucial elements to overcome the challenges ofdigitalizing processes and assets, thus improving the operational efficiency of customers.

The recognition of R&D eligibility by ANI - Agência Nacional de Inovação and the completion of this round will allow Azitek to accelerate the development of its technology, which has broad application in asset tracking using IoT systems. The solution is especially adapted to optimize asset management and automate logistical processes in various industrial sectors, with clients in Portugal, Spain, and the United States.

The capital obtained will be crucial not only to consolidate the innovation and robustness of the solutions but also to allow for team growth, expansion in the Spanish market, and exploration of other European markets, solidifying technological innovation for intelligent logistics and manufacturing.

Roberto Branco, CEO of Beta Capital, emphasizes that "Azitek's solutions address several industry challenges, particularly in logistical monitoring and optimization with real-time information. We are excited about the development roadmap of their products, aiming to increase the value proposition for their clients and implement them globally."

For Pedro de Mello Breyner, Member of the Board of Directors at Portugal Ventures, this new round raised by Azitek reinforces the initial investment made in 2019 to achieve the Minimum Viable Product and its commercialization in the global market. "With this new capital round, Azitek is now prepared to consolidate the robustness of its technological solutions, increase the team, solidify its position in the Spanish market, and explore presence in other European markets. These are very ambitious goals for this new phase, and we are confident that the Azitek team will be able to meet them successfully."

Azitek Team
Jun 2024