Traxens, a French company providing logistics asset data and services for the supply chain industry, has closed a Series C funding round at €20 million ($22.7 million) today. The financing from Itochu Corporation, Bpifrance, and Supernova Invest will go to scale up the startup’s smart containers and rail freight businesses and propel its international expansion.
According to Shunsuke Noda, ITOCHU Corporation’s CDO and CIO, Traxens’ future growth may be in Asian market: “In addition to our investment, we are looking forward to our role as Traxens partner to grow the sales of its products and services in Asia, a region where sea-land traffic is booming.”
Traxens expects to equip 100,000 containers with its patented Internet-of-Things solution by the end of 2020. With the world’s largest chemical manufacturer, BASF for a customer and Maersk joining in July as a shareholder and customer with an initial order for up to 50,000 containers, the company is on the right path. The startup is partnering with major shipping lines to provide the most comprehensive tracking data for containers, and has recently launched a pilot IoT project in the Spanish port of Valencia to improve operational efficiency in monitoring container movement in the port.