Ibadan, 15 October 2024. – OroraTech, a wildfire intelligence specialist, has announced the successful closure of its €25 million Series B funding round. Korys, the European Circular Bioeconomy Fund (ECBF), and long-standing investor Bayern Kapital led the funding round.
OroraTech will consequently leverage the funding to fuel its next phase of strategic growth, expanding key global markets and enhancing its predictive AI capabilities and orbital sensor network. The wildfire specialist currently enables companies, organizations, and fire agencies to actively respond to the global wildfire crisis, through predictive algorithm data from its thermal satellite network.
Additionally, OroraTech will apply the funding towards expanding its existing footprint in North America and the Asia Pacific region, being markets with a rapidly increasing need for effective wildfire management. This includes investments into advancing its proprietary orbital thermal sensor network and predictive AI technologies. These innovations will therefore enhance the precision and speed of wildfire detection, allowing decision-makers to make data-driven choices that improve operational efficiency.
For this round, many of OroraTech’s current investors recommitted capital, including Bayern Kapital, Edaphone Private Impact Fund, Ananda Impact Ventures, ConActivity KG, and Findus Venture. This therefore underscores the confidence in OroraTech’s solutions and its momentum to accelerate profitably. As the threat and scale of extreme wildfires have increased in the last few years, this investment will consequently accelerate OroraTech’s mission of empowering firefighters and land managers to mitigate destructive fires worldwide.
Remarking on the funding, Martin Langer, CEO of OroraTech, commented, “We are happy to welcome
Korys, ECBF, and all our partners as we embark on this next phase of our journey. Their strategic support,
combined with the continued confidence of our existing investors, will be pivotal as we enhance our
technology and grow globally.”
