In a story brought to our attention by El Mercurio and reported in LAVCA, Chilean IoT startup We-Techs has received US$2M in an investment led by HCS Capital. The startup monitors industrial processes, including natural gas, water treatment, and mining through the power of the Internet of Things to provide real time updates to large companies.
We-Techs was founded five years ago and is already operating in 70% of plants run by GNL-Industrial, a large energy company in Chile. They will use the investment to consolidate in the Chilean market and take We-Techs international.
HCS Capital Partners is Miami-based fund that focuses on innovations in industry using big data, IoT, and artificial intelligence. We-Techs became connected to HCS while they were receiving acceleration funding from Wayra. They have also received funding from Wences Casares (founder of Xapo) and Fundación Chile.
We-Techs is currently developing more ways to remotely manage industrial processes through big data and artificial intelligence from data they have collected over the past few years. Their goal is to triple sales of SaaS services over the next 18 months.