Traxens, a Marseille, France-based provider of high-value data and services for the supply chain industry, closed a Series C funding round worth close to €20M ($22.7M).
The round was led by the Itochu Corporation, Bpifrance and Supernova Invest (Crédit Agricole Innovations et Territoires Fund).
The company intends to use the funds to finance scale-up of its smart containers and rail freight businesses while extending operations worldwide, with focus on Asia.
Led by Jacques Delort, managing director, Traxens provides an Internet-of-Things solution based on patented technology that enables access to comprehensive, precise and timely data for managing assets in transit anywhere in the world.
The company already counts major BCOs among its customers, such as chemical manufacturer BASF, and partners with major shipping lines to provide bespoke tracking data for containers. It recently launched a pilot IoT project in the Spanish port of Valencia with the objective of improving operational efficiency by using its solutions to monitor container movement in the port.
This financing will enable Traxens to launch a global large-scale sea-land fleet of IoT tracking solutions on vessels operated by its partner shipping companies, including CMA CGM and MSC. The company expects to have 100,000 containers (both dry and reefer containers) equipped with its solution by end of 2020.