Nordic venture capital firm Northzone has led a €3m investment round into Trac ID Systems, a Stavanger-Norway-based provider of radio frequency identification technology (RFID) for asset tracking and process optimisation in the oil and gas industry.
Trac ID’s products aim to improve lifecycle management and visibility of all rig assets through automated tracking, including manufacturing control, stock management, transport tracking, and inspection/maintenance handling.
Trac ID Systems was founded in 2005 as a merger between three different initiatives, all aiming at utilising RFID technology within the oil and gas industry. One of these initiatives was a technology development programme from energy company Statoil, which saw it take a stake in the company through its corporate venture capital arm Statoil Ventures.
This new round of capital will be used to accelerate global sales, as well as deliver on the frame agreement recently signed with Statoil for implementing the company’s technology on their fixed drilling rigs on the Norwegian Continental Shelf.
“Northzone’s vast experience in creating international successes within the IT industry is just what we need to take the next steps into global distribution of our products. With Northzone and Statoil onboard as major owners, we have the financial strength and competence to put our ambitious growth plans into action. I’m really excited to have Northzone with us on this!” said Arne Thomas Haaland, CEO of Trac ID.
“The technology is truly revolutionary and we are thrilled to work with Trac ID and Statoil in taking the product global,” added Torleif Ahlsand, general partner at Northzone.
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