CargoGuard GmbH, a Munich, Germany-based provider of patented solutions to secure global supply chains, has closed a €3.1m financing round.
Backers include new investors BayBG Bayerische Beteiligungsgesllschaft, LBBW venture, FBcon and M-Investar, as well as existing investors High-Tech Gründerfonds and Bayern Kapital, which are increasing their shareholdings.
The company intends to use the capital to develop new products, expand the organization and invest in technology.
Founded in 2007 and led by Managing Directors, Jean Blaufuß and Thomas Wilde, CargoGuard has developed a solution that combines a locking and sealing function, GPS tracking and a monitoring system to protect valuable goods, high-end products or confidential and classified documents against the risks of loss, theft, spying and manipulation during transportation and storage.
Clients include logistic companies, manufacturers, authorities and governments which need to safeguard the handling of valuable goods or sensitive documents.