TAG Sensors raised $2.2M from Elite Partners Capital
TAG Sensors, a Mo i Rana, Norway-based company manufacturing wearable solutions for cold chain management, announced closing in a €1.95 million ($2.2M) capital investment round.
The funding was provided by Singapore-based asset management company Elite Capital Partners. The money will be used to set up TAG's 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.
TAG Sensors, founded 2012 and led by CEO Knut Nygård, built an advanced solution to track and log the temperature of perishable and sensitive products, both in storage and during transportation. The company's proprietary tech, called 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.
Prior to this, TAG Sensors was a recipient of a €1.4 million grant from Horizon 2020, the EU Research and Innovation programme, and completed a capital investment round from France-based investor Breed Reply.