The European Investment Bank (EIB) has agreed to provide a total of EUR 10 million in funding to support the R&D strategy of Spanish Internet of Things (IoT) specialist Worldsensing. The Barcelona-based startup designs IoT solutions for monitoring sensors and already operates in more than 60 countries. The EIB said the long-term and advantageous financing of Worldsensing will support the company's innovation efforts aimed at increasing its production capabilities, developing a portfolio of new products and at enhancing the company’s commercial and distribution network.
Worldsensing's technology has recently been applied in new infrastructure projects such as the expansion of the Paris underground system, the metro tunnel construction monitoring of the U5 metro line extension in Frankfurt (Germany) and monitoring water wells across one of the largest open pit mines in the world (Chile).
Worldsensing intends to use the funding to further develop its Loadsensing product portfolio, a battery-powered, wireless, wide-area data transmission system designed to monitor in near real-time the status of infrastructures, improve efficiency and prevent disasters. The project will help create 50 new highly skilled R&D jobs at Worldsensing's HQ.