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Traxens closes €20m deal to launch IoT tracking solutions

Marseille-based company Traxens has closed a Series C funding round worth close to EUR 20 million ($22.7M), with the purpose of launching a global large-scale sea-land fleet of IoT tracking solutions on vessels operated by its partner shipping companies, including CMA CGM and MSC.

{mprestriction ids="1,2"}Led by the Itochu Corporation, Bpifrance and Supernova Invest (Crédit Agricole Innovations et Territoires Fund), the funding round will enable Traxens to scale up its smart containers, extend its operations and focus on Asia in particular.

Traxens’ Internet-of-Things solution is based on a patented technology that enables access to comprehensive, precise and timely data for managing assets in transit anywhere in the world. The technology improves efficiency and security, provides greater transparency and enhances asset utilisation, while opening up new opportunities for shipping companies.

Traxens anticipates that it will have 100,000 containers (both dry and reefer containers) equipped with its solution by end of 2020.

“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.”

“We are delighted to make this investment in Traxens, a company we know well,” said Emmanuel Audouard, director at Bpifrance. “Our objective is to support ground-breaking innovations and we are convinced Traxens is very well positioned to become a global leader in the promising field of smart container management.”{/mprestriction}

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