‘Smart’ container technology company Traxens has closed a Series C funding round worth close to €20 million, led by the Itochu Corporation, Bpifrance and Supernova Invest (Crédit Agricole Innovations et Territoires Fund).
The money will be used to support the roll-out of a global large-scale sea-land fleet of IoT tracking solutions on vessels operated by its partner shipping companies like CMA CGM and MSC, the company says.
Traxens expects to have 100,000 containers (both dry and reefer containers) equipped with its system by the end of 2020, a figure which does not include installation of the additional 50,000 units ordered by Maersk after it became a shareholder in Traxens last month.
“This Series C funding round is a major milestone that consolidates our strategy and will enable us to deploy our solution at a significant scale in the coming years,” said Jacques Delort, managing director of Traxens.
“The financing will help us to reach critical mass quickly as a data producer in a booming market. We will increase the visibility of the company in existing and new markets as well as that of our solution, while our first commercial partnership shows the great potential of our solution.”