Insider Brief
- OroraTech has closed a €25 million Series B funding round led by Korys, the European Circular Bioeconomy Fund (ECBF), and existing investor Bayern Kapital.
- The new funding aims to drive OroraTech’s strategic expansion into key global markets and further develop its predictive AI capabilities and orbital sensor network.
- The funding round saw additional contributions from current investors, including Edaphon, Ananda Impact Ventures, ConActivity, and Findus Venture.
- The company plans to invest in its thermal sensor network and enhance its AI capabilities to improve the accuracy and speed of wildfire detection. These advancements will help decision-makers make faster, data-driven decisions, improving their ability to manage wildfire risks effectively.
OroraTech, a leader in wildfire intelligence, announced it has closed a €25 million Series B funding round. This round was led by Korys, the European Circular Bioeconomy Fund (ECBF), and existing investor Bayern Kapital. The new funding aims to drive OroraTech’s strategic expansion into key global markets and further develop its predictive AI capabilities and orbital sensor network.
OroraTech’s technology relies on predictive algorithms and a thermal satellite network, enabling businesses, organizations, and fire agencies to take proactive measures against wildfires. By providing accurate real-time data, OroraTech supports decision-makers in reducing wildfire damage and protecting lives.
The team at Korys highlighted the importance of this investment for the future of environmental technology. “Our investment in OroraTech demonstrates our commitment to supporting companies that leverage technology to benefit the planet,” said Frederik Simoens, Investment Director at Korys. He emphasized OroraTech’s role in reducing carbon emissions and addressing the challenges posed by climate change.
The funding round saw additional contributions from current investors, including Edaphon, Ananda Impact Ventures, ConActivity, and Findus Venture. This continued support underscores the confidence in OroraTech’s solutions and its ability to grow in the wildfire management sector.
Monika Steger, Managing Director at Bayern Kapital, praised OroraTech’s progress since its initial investment in 2021. “OroraTech has not only solidified its foundation but has also expanded globally.” She emphasized the importance of backing high-tech companies with a vision for a sustainable future, especially those that deliver critical environmental solutions.
The new funds will enable OroraTech to expand its reach in North America and the Asia Pacific region, areas with a rising demand for effective wildfire management. The company plans to invest in its thermal sensor network and enhance its AI capabilities to improve the accuracy and speed of wildfire detection. These advancements will help decision-makers make faster, data-driven decisions, improving their ability to manage wildfire risks effectively.
Martin Langer, OroraTech’s CEO and CTO, expressed optimism about the company’s trajectory. “We are excited to have Korys, ECBF, and our partners join us in this next chapter. Their support, along with the trust from our existing investors, will help us advance our technology and scale our efforts globally,” he stated.
OroraTech has gained recognition for its innovative Wildfire Solution platform, which can estimate fire risks, detect outbreaks, and predict fire growth using real-time satellite data. This approach has attracted international attention, including a €20 million contract with the European Space Agency to support wildfire management in Greece. The company’s efforts mark a significant step forward in providing long-term solutions for wildfire prevention and response.
Image credit: OroraTech
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