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Cold chain track and trace specialist Tag Sensors has landed $3m in investment from a private equity firm as it looks to expand its coverage in the food and pharma sectors.
As part of its investment, Elite Partners Capital (EPC) – reportedly looking to diversify away from its reliance on oil and gas – will leverage its own network to help Tag expand in Asia.
Tag chief executive Knut Nygard said: “We’re delighted to have EPC as an investor, and we intend to tap on its network to expand across Asia and add value to the cold chain sector.
“EPC is a welcome addition to our existing investors that include London-based Breed Reply and Platform Ventures USA.”
Established in Norway in 2012, Tag is targeting becoming the “global standard” in cold chain measurement and analytics, with sensors tracking and logging an item’s temperature.
It does this from production to consumption, through storage and transportation, and EPC’s investment is the first by a Singaporean fund in a Norwegian tech firm.
Chairman of EPC, Micheal Tan, said that Tag’s systems could “transform the entire cold chain logistics sector”, pointing to the potential benefits it has for Asia.
“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,” he added.
“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.”