Singapore PE Firm Elite Partners Capital Invests S$3.0 Million (€1.95 Million) in TAG Sensors

Singapore/Oslo 8 July 2019 – Singapore private equity firm Elite Partners Capital (“EPC”) announced today its investment of S$3.0 million (€1.95 million) in TAG Sensors, a Norway-based provider of advanced solutions to track and log the temperature of perishable and sensitive products, both in storage and during transportation.

TAG Sensors’ proprietary Temperature Logging Label is a low-cost, printable temperature sensor that can be attached to a product or package, facilitating continuous tracking of an item’s temperature from production to consumption.

EPC’s Elite InNorvate Growth LP, a Singapore-based fund dedicated to investments in Norwegian growth companies, signed the agreement for an investment of a significant minority stake in TAG Sensors.

Following the investment, TAG Sensors will set up its Asian headquarters in Singapore to leverage on the country’s skilled local talent, modern IT infrastructure, rigorous IP protection and strategic importance as a major logistics hub.

The investment represents one of the first investments by a Singaporean fund in a technology company from Norway, which is seeking to diversify from its traditional reliance on the oil and gas sector. EPC will leverage on its network and resources to help TAG Sensors expand in Asia, a region of rapid economic growth which is experiencing accelerated demand for advanced logistics solutions.

The investment agreement was signed by EPC’s Executive Chairman Mr. Micheal Tan and TAG Sensors’ CEO Mr. Knut Nygård and CFO Mr. Thomas Nilssen at the Norwegian Embassy in Singapore. The signing was witnessed by the Ambassador of Norway to Singapore, Her Excellency Anita Nergaard, and Innovation Norway’s Director and Commercial Counsellor Pål Kastmann.

Established in 2012, TAG Sensors is a recipient of a €1.4 million grant from Horizon 2020, the EU Research and Innovation programme. It offers solutions that include Big Data analysis, digitalization, blockchain, sensor technology, and RFID and NFC wireless technologies.

TAG Sensors aims to become the global standard in cold chain integrity measurement and analytics; identifying and ultimately reducing product waste in the food and pharmaceutical industries.

EPC’s Micheal Tan said, “TAG Sensors has a suite of technologies which can transform the entire cold chain logistics industry. Our investment decision is anchored by the firm belief that this is a game-changer which has great potential for expansion in Asia and beyond.”

“We also hope that through this inaugural investment in Norway, EPC can help facilitate Singapore as an important bridge between Asian capital and Nordic technology. This will also open up more Asian-EU economic and technological partnerships,” he added.

TAG Sensors’ Knut Nygård said, “We are delighted to have EPC as a significant investor. We intend to tap on EPC’s network to expand across Asia and add value to the cold chain sector across the region. EPC is a welcome addition to our existing investors that include London-based Breed Reply and Platform Ventures USA.”

Innovation Norway’s Pål Kastmann said, “Norway’s startup and growth companies are highly innovative and have great potential for development. EPC’s investment in TAG Sensors underpins Singapore’s receptiveness to innovation and we hope that this will be the first of many partnerships between Singapore and Norway.”

“Innovation Norway has been working with TAG Sensors for the past 4-5 years targeting several markets worldwide. We are very pleased that it has successfully diversified its portfolio to include food transportation technology, and believe Singapore will be a perfect point of expansion into South East Asian markets,” he added

Pål Kastmann, Director and Commercial Counsellor of Innovation Norway (extreme left), Micheal Tan, CEO of Elite Partners Capital (second from the left), Knut Nygård, CEO of TAG Sensors (second from the right) and the Ambassador of Norway to Singapore, HE Anita Nergaard (extreme right)

TAG Sensors awarded €1.4 million grant from EU Horizon 2020 programme

The Norwegian company provides cold chain management for the food and pharmaceutical industries using IoT technology.

25 September 2018TAG Sensors, the Norwegian internet of things (IoT) company, has been awarded a €1.4 million grant from Horizon 2020, the EU Research and Innovation programme. The grant, which is the second received by TAG Sensors from the EU, will support the continued development of TAG Sensors´ market-leading technology.

TAG Sensors´ technology means it is possible to have continuous temperature logging, using radio-frequency identification (RFID), of individual products required to be kept at specific temperatures during transportation and storage.  These goods include food and vaccines.

TAG Sensors is one of only 63 companies across Europe to receive funding from Horizon 2020 in this round, from a total of 1644 application received by the European Commission. TAG Sensors achieved top score (very good to excellent) on all the programme’s 20 evaluation criteria with positive feedback from the jury of six experts from private equity, banking and major industries.  The primary focus of the program is on radical, market-creating innovations to improve productivity and international competitiveness and generate new jobs and higher standards of living.  In addition to the grant, TAG Sensors will receive access to a wide range of other business acceleration services and facilitated access to risk finance, and business coaching to support and enhance innovation capacity.

TAG Sensors´ technology is expected to have a significant impact on the global food and pharmaceutical industries. In the food industry, an estimated $813 billion is lost each year partly caused by poor cold-chain management.  The pharmaceutical industry loses an estimated $15.2 billion per annum due to temperature fluctuations in the shipping and storage. Customers are already using TAG Sensors platform in the pharmaceutical industry and the food sector, including McDonald’s.

The additional funding from the EU will help TAG Sensors further develop, optimise and commercialise its solution. As well as funding from the EU, TAG Sensors has also raised more than $5.5 million in funding from private investors and public funding, including Breed Reply, Europe’s leading IoT investor, Platform Ventures and Innovation Norway.

Knut Nygard, CEO, TAG Sensors said: “The award of this grant from Horizon 2020 is a fantastic achievement for the business and will help support the continued development and roll-out of our market-leading technology. The jury that made the decision recognised how innovative our technology was, its global potential, and our success so far.  There is increasing global demand for our complete solution for cold chain management from leading companies in both the pharmaceutical and food industries. This funding, as well as support from existing investors, will allow us to capture the opportunities we see to grow the business.”


Knut Nygård

CEO, TAG Sensors AS

+47 48 88 98 81

About TAG Sensors

Founded in 2012, 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.

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.