CargoSense Completes Seed Round Offering By Raising $2.5 Million
CargoSense, a Virginia-based software-as-a-service (SaaS) company focused on supply chain logistics, announced that it has closed on its seed round of financing, bringing total investments to $2.5 million.
Participating in the final close were early stage venture capital firms IrishAngels and Middleburg Capital Development. Existing investors, including Virginia’s Center for Innovative Technology, also participated in the round.
CargoSense has built a data capture and analytics platform that provides insight into supply chain logistics for the pharmaceutical, cold chain, and refrigerated storage industries.
“This marks the first true actualization of the internet of things within the logistics industry,” said CargoSense CEO Rich Kilmer. “No other solution in the market can capture this range of product-level data to ensure quality and quickly identify and remove risks. A prescription or drug that has not been kept at the right conditions during transport can create extremely dire consequences.”
CargoSense’s platform goes beyond temperature monitoring to provide complete insights of how transportation providers are handling goods within the supply chain at the individual box and product level. CargoSense acts as a black box for the supply chain process, recording what a product experiences, including temperature, light, humidity, pressure, shock, and tilt from origin to destination. Customers can combine these values to form climate ranges for each product they ship including pharmaceuticals, biologics, medical devices, food, and other climate sensitive cargo. Customers can leverage the insights derived from the data to pinpoint issues in their supply chain and improve product quality, reduce cost, and eliminate risk.
The CargoSense solution meets the supply chain monitoring guidelines as required under the European Union’s Good Distribution Practice regulations, and is well positioned to service the forthcoming U.S. regulations for the Food Safety Modernization Act (FSMA).
CargoSense enables the sharing of data with supply chain partners, ensuring a single view of the environmental measures captured for a shipment. Users can annotate and share comments on captured data, as well as securely upload files and reports with their teams.
“After completing our extensive due diligence process, we feel that CargoSense has the management team, unique product technology and business model to take advantage of this multi-billion dollar pain point in the logistics industry,” said Gale Bowman, managing director of IrishAngels. “They are offering a truly unique solution that will drive a fact based quality control process that is already being utilized by significant players in the pharmaceutical and logistics space.”
With the latest funding round, CargoSense plans to accelerate its rapid growth by expanding its sales, marketing and development teams. The capital will also allow the company to drive new product innovations and customer acquisition activities.
Need a Logistics Provider?
Compare over 100 Instantly
5 Trends Changing Business Payments in 2019