New investors include ITOCHU Corporation, whose subsidiary ITOCHU Metals is the sales agent for reefer machinery manufacturer Daikin
Traxens has raised close to €20M in a Series C funding round. “Funding will allow the company to finance scale-up of its smart containers and rail freight businesses while extending operations worldwide, with focus on Asia,” Traxens said. The funding round was led by the ITOCHU Corporation, Bpifrance and Supernova Invest (Crédit Agricole Innovations et Territoires Fund).
“This financing will enable the company 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. Traxens expects to have 100,000 containers (both dry and reefer containers) equipped with its solution by end of 2020, making it one of the major players in the IoT for smart containers industry. This number is set to grow even higher after Traxens announced in June 2019 that Maersk will become a shareholder and customer with an initial order for up to 50,000 containers,” Traxens stated.
Traxens bills itself as an “expert in providing high-value data and services for the supply chain industry”, with patented hardware for tracking and monitoring assets and a platform for managing and monetising the data. CMA CGM and MSC were both early investors in the company, and were later joined by Maersk.
“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.”
“Traxens offers an innovative solution for the supply chain industry. We believe that the collaboration with Traxens will enable us to develop epoch-making products and services in the field of Big Data/IoT, which fits in perfectly with ITOCHU group’s growth strategy,” said Shunsuke Noda, ITOCHU Corporation’s CDO·CIO. “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.”
ITOCHU recently announced a major “Reinvention of Business” project to respond to rapid changes in the markets it serves and respond to digitalisation. As part of this strategy it has restructured and created new divisions under Noda’s position as Chief Data Officer - Chief Information Officer.
*This story was amended on 22 August 2019 to reflect that ITOCHU Metals is the sales agent for Daikin Reefer. The earlier version stated that Daikin Reefer was a subsidiary of the ITOCHU Corporation. WorldCargo News apologises for the error.