Korys, the investment company of the Colruyt family, is set to invest in German company OroraTech, which uses artificial intelligence and satellite technology to manage and prevent forest fires.
The family-owned Colruyt Group is best known for its supermarket retail chain of the same name, and also operates other subsidiaries such as OKay, Comarkt/Comarché, Cru and Bio-Planet. The Group employs close to 30,000 people in Belgium, as well as having operations in France and Luxembourg.
On Tuesday, OroraTech announced a new funding round of €25 million, led by Korys as well as the European Circular Bioeconomy Fund (ECBF), and existing shareholder Bayern Kapital.
OroraTech uses real-time spatial data to accurately detect and monitor fires. Its predictive algorithm and thermal satellite network enable firefighting services to address the global wildfire crisis more effectively.
"Our investment in OroraTech underscores our commitment to supporting innovative companies that use technology for the betterment of our planet," said Frederik Simoens, Director of Investments, and Karel Van Cleemput, Senior Investment Manager at Korys.
"We chose OroraTech for its pioneering satellite-based fire detection platform and we are excited to support its efforts to reduce CO2 emissions and combat climate change," they added.
The new investments will allow OroraTech to expand in major global markets and enhance its predictive AI capabilities and orbital sensor network, noted the German company.
The Colruyt Group operates more than 800 stores and reported revenues of €10.8 billion last year.
