TAG Sensors raises £2.5 million in new funding
Leading investor in early-stage IoT businesses, Breed Reply and technology investor, Platform Ventures back Norwegian-based TAG Sensors, which provides real-time cold chain management for the food and pharmaceutical industries
[London, 20 March 2018] – TAG Sensors, the Norwegian internet of things (IoT) company, has raised an additional £2.5 million in new funding from existing investor, Platform Ventures and new investor Breed Reply, a leading active operational investor in early-stage IoT businesses. TAG Sensors is one of 20 companies in Breed Reply’s portfolio of pan-European IoT investments.
Founded in 2012, TAG Sensors has raised more than $5.5 million in funding so far, including this round, to support the growth of its market-leading technology, which provides real-time cold chain management for food and pharmaceutical industries, using radio-frequency identification (RFID).
TAG Sensors platform means for the first time it is possible to have continuous real-time temperature logging of individual products required to be kept at specific temperatures during transportation and storage. These include goods such as food and vaccines.
In the food industry, an estimated $813 billion is lost each year from poor cold-chain management where items are spoilt between production and distribution. As well as food, the pharmaceutical industry loses an estimated $12.5 billion per annum due to temperature fluctuations in shipping and storage of vaccines with the problem especially acute in the developing world. Customers are already using TAG Sensors platform in the pharmaceutical industry and in the food sector, including McDonald’s.
The TAG Sensors platform comprises individual Smart Tags for each good equipped with an RFID antenna and temperature sensors, a Tag Management System database that provides logs of sensor labels and alerts quality managers when the temperature is incorrect as well as mobile applications and gate readers.
As well as funding, Breed Reply will work closely with management to accelerate the company’s development to achieve Series A funding and beyond. Last year, one-third of Breed Reply’s portfolio raised more than $50 million of Series A funding.
The Breed Reply team has significant experience in scaling up early-stage businesses, in-depth understanding of different markets, proven track record in sales channel development and strong technological DNA. They also work closely with Reply Group, a leading consulting, systems integration and digital services company with a market presence all over Europe and the USA to help the investee companies commercialise their products.
Knut Nygard, CEO, TAG Sensors said: “There is increasing global demand for our complete solution for cold chain management from leading companies in both the pharmaceutical and food industries. Major brands such as McDonald’s have tested and adopted our system in recent years and this new funding will enable to us to expand and roll-out our system to more and more customers. The addition of Breed Reply as an investor, with its expertise in helping IoT companies scale-up and continued support of Platform Ventures will help us grow, invest more in innovation and seek opportunities in other sensor-based market segments.”
Emanuele Angelidis, CEO, Breed Reply said: “T
AG Sensors is a fantastic addition to our portfolio. As well as strong management, a business idea with long-term potential, it is a technology that solves a real problem.
There is a considerable market opportunity for TAG Sensors low cost, versatile and highly-automated solution to the problem of cold-chain management. For companies, this will help the bottom line, but there is no doubt dramatically reducing food waste or making sure more vaccines get to where they are needed will have far-reaching benefits for our environment and society.”
“We are pleased to partner with Breed Reply in scaling TAG Sensors into the global market,” said Chris Barkley, Managing Partner of Platform Ventures, LLC. “We have seen demand grow dramatically for the Company’s solution in a short period of time as corporations in food and pharma struggle to better manage their cold chains and reduce spoilage and costs. TAG Sensors helps its customers meet these challenges by shedding light on their cold chains like no other solution in the market today. Breed Reply’s investment and expertise will further bolster the Company’s ability to capitalise on this demand and emerge as a global leader in the field.”
Redleaf Communications (for Breed Reply) +44 (0)20 3757 6865
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About Breed Reply
Breed Reply, Reply’s active operational investor, funds and supports the development of early-stage companies in the Internet of Things (IoT) in Europe and the USA. Based in London, with operational offices in Germany and Italy, Breed Reply supports entrepreneurs and young talent by quickly bringing new ideas to the market.
This is done via three fundamental services: funding at early-stage level; active operational involvement with significant know how transfer of business, managerial and technological expertise; and go-to-market support through the extensive Reply network. Breed Reply’s focus is the Internet of Things over all markets, with their current portfolio in Health, Fitness & Wellness, Smart Building & Cities, Security, Industrial IoT, Big Data, Platforms and Drones.www.breedreply.com
About TAG Sensors
TAG Sensors is a complete cold-chain logistics solution for the food and pharmaceutical industries. It has developed the first low-cost, full visibility solution that ensures and proves that temperature sensitive foods and pharmaceutical products have been stored and transported within the temperature limits.
TAG Sensors radio-frequency identification (RFID) temperature logger label is the only one on the market that can effectively track temperature and other variables of an individual package from production to consumption, ensuring transparency, improving quality control and minimising wastage due to improper handling.