CargoSense receives funding for cold chain monitoring platform

CargoSense announced the final close of funding on its seed round of investment, bringing total proceeds for the Virginia-based smart data and MicroAnalytics Software-as-a-Service (SaaS) company to $2.5 million.

CargoSense has built a data capture and analytics platform for shippers, motor carriers and logistics providers that transport temperature-sensitive freight in the pharmaceutical, cold chain and refrigerated storage industries.

The company says its software-as-a-service platform goes beyond temperature monitoring and simple climate excursions. Its device-agnostic software provides complete and historical insights of how transportation providers are handling goods within the supply chain at the individual box and product level.

The software from CargoSense acts as a “black box” for a supply chain process – recording exactly what a product experiences, including temperature, light, humidity, pressure, shock, and tilt from origin to destination. It says customers can combine these values to form climate ranges for each product they ship such as pharmaceuticals, biologics, medical devices, food, and other climate-sensitive cargo.

The platform is designed to meet supply chain monitoring guidelines of the European Union’s Good Distribution Practice regulations, and is positioned to service the forthcoming U.S. regulations for the Food Safety Modernization Act (FSMA).

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.

“This marks the first true actualization of the Internet of Things (IoT) within the logistics industry,” stated Rich Kilmer, CargoSense chief executive officer. “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.”

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With the latest funding round, CargoSense plans to accelerate its rapid growth by expanding its sales, marketing and development teams. Additionally, the capital will allow the company to drive new product innovations and customer acquisition activities.