Antwerp-based Aloxy, an Internet of Things (IoT) company, announced that it has secured €7.4M capital from Dow Venture Capital, and Emerson Ventures.
“The investment and partnership with Dow and Emerson will further accelerate the adoption of IIoT technologies and create unique opportunities to develop additional solutions that generate real value for the end user. The team is excited to work with Dowand Emerson to take the company to the next level,” says Frank Gielissen, CEO of Aloxy.
Its existing investors, include Qbic fund, Industrya fund, Innovation fund, imec.istart fund and the University of Antwerp participated in the fund.
The funding will allow the Belgian company to grow internationally by creating partnerships and launching new products.
These products will help customers with new uses and offer software to manage and process their data effectively.
Aloxy: Building industrial Internet of Things solutions
Aloxy was founded in 2018 as a spin-off from the University of Antwerp and imec to support the chemical and oil and gas industries in their transition to Industry 4.0.
Led by Frank Gielissen the company offers an Industrial Internet of Things (IIoT) solution that uses wireless sensors and software to provide real-time information about manual operations in chemical and oil & gas production.
The company’s technology monitors various equipment, such as the open/close positions of manual valves, the activation of emergency showers, and the status of line blinds.
By using Aloxy’s solution, companies can reduce the risks of errors that could lead to safety issues, downtime, or extra costs.
The company leverages low-power wide-area network (LPWAN) communication technologies, such as LoRaWAN, to enable seamless and cost-effective industrial connectivity.
The company’s technology makes assets smart, allows automation of the processes further, and delivers actionable insights into industrial operations.
Currently, Aloxy is active in over 30 countries worldwide.
The company’s global customer base includes Dow, Shell, BASF, Chevron, and Halliburton, among others.
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