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Controlant brings unprecedented visibility, efficiency, and responsiveness to supply chain stakeholders
Reykjavik and San Francisco—September 30, 2020 — Controlant, an emerging leader in digital supply chain visibility solutions, today announced that it has secured $15 million in Series B funding to drive the market expansion of its real-time Cold Chain as a Service® Digital Visibility Platform, which brings unprecedented visibility, efficiency, and responsiveness to global temperature-controlled supply chains.
The oversubscribed round was led by current shareholders and local institutional investors. Also participating were existing and incoming private investors and family offices. Arion Bank Corporate Finance managed the placement. The financing brings Controlant’s total funding to $50 million.
Controlant will utilize the capital to power the rapid expansion of its addressable markets, geographic footprint, and expanding customer base. The company is currently supporting the distribution of COVID-19 test kits and has partnered with global pharmaceutical manufacturers to monitor the distribution of COVID-19 vaccines, which, pending regulatory approval, are expected to begin shipping later this year.
“Our mission is to help companies ensure product integrity while increasing supply chain efficiency and serving their customers better. Our solution looks beyond traditional monitoring technologies and is automating product and information flows through actionable data, transforming supply chains from cost centers into strategic revenue generators,” said Gisli Herjolfsson, Controlant co-founder and CEO. “Using our integrated platform technology and services, Fortune 500s and large enterprises gain a single source of truth across their end-to-end supply chains, while significantly reducing waste.”
Supply chain visibility for cold chain products is a growing need across global enterprises, specifically in areas such as:
Controlant’s Cold Chain as a Service® solution is a powerful combination of IoT, advanced visibility and analytics through its cloud-enabled software platform, and cost-reducing operational services that increase workflow efficiency and responsiveness while supporting quality and compliance efforts.
Digitally connected cold chain monitoring and visibility technology has created enormous value for global enterprises, which are now looking for other areas that can automate, rendering data and process flows across the supply chain network as a tremendous opportunity. COVID-19 has exposed longstanding vulnerabilities and exacerbated the need for supply chains to remove silos and achieve greater agility and resilience.
The key benefits of Controlant are as follows:
“Controlant is uniquely transforming the way global enterprises will collect, use, and share their supply chain data while optimizing their business operations,” said Benedikt Gislason, CEO at Arion Bank. “The world’s supply chains are undergoing a multi-trillion dollar shift to digital, and Controlant is in the vanguard as a leader in actionable visibility. We are pleased to support a leading Icelandic technology company as an investor and advisor as they lead the global market in the Cold Chain as a Service category.”
Controlant’s mission is to deliver value across the end-to-end supply chain by dramatically increasing the visibility of product flow and condition quality, while minimizing waste through a completely new category of automated Cold Chain as a Service® solutions. Using its IoT, cloud-enabled advanced analytics, API connectivity, and cost-reducing operational services, customers are achieving an annualized ROI and millions in savings, reducing material losses, and enhancing the reliability of their operations. Controlant is empowering Fortune 500s and world-leading enterprises in the pharmaceuticals & life sciences and food & beverage sectors and their supply chain stakeholders to achieve greater efficiency by automating their business processes and optimizing communication through technology.
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