Singapore / Oslo, July 8, 2019 - Singapore private equity firm Elite Partners Capital ("EPC") announced today its investment of S$3.0 million (EUR1.95 million) in TAG Sensors, a Norway-based provider of advanced solutions to track and log the temperature of perishable and sensitive products, both in storage and during transportation.
TAG Sensors' proprietary Temperature Logging Label is a low-cost, printable temperature sensor that can be attached to a product or package, facilitating continuous tracking of an item's temperature from production to consumption.
EPC's Elite InNorvate Growth LP, a Singapore-based fund dedicated to investments in Norwegian growth companies, signed the agreement for an investment of a significant minority stake in TAG Sensors.
Following the investment, TAG Sensors will set up its Asian headquarters in Singapore to leverage on the country's skilled local talent, modern IT infrastructure, rigorous IP protection and strategic importance as a major logistics hub.
The investment represents one of the first investments by a Singaporean fund in a technology company from Norway, which is seeking to diversify from its traditional reliance on the oil and gas sector. EPC will leverage on its network and resources to help TAG Sensors expand in Asia, a region of rapid economic growth which is experiencing accelerated demand for advanced logistics solutions.
The investment agreement was signed by EPC's Executive Chairman Mr. Micheal Tan and TAG Sensors' CEO Mr. Knut Nygard and CFO Mr. Thomas Nilssen at the Norwegian Embassy in Singapore. The signing was witnessed by the Ambassador of Norway to Singapore, Her Excellency Anita Nergaard, and Innovation Norway's Director and Commercial Counsellor Pal Kastmann.
Established in 2012, TAG Sensors is a recipient of a EUR1.4 million grant from Horizon 2020, the EU Research and Innovation programme. It offers solutions that include Big Data analysis, digitalization, blockchain, sensor technology, and RFID and NFC wireless technologies.
TAG Sensors aims to become the global standard in cold chain integrity measurement and analytics; identifying and ultimately reducing product waste in the food and pharmaceutical industries.
EPC's Micheal Tan said, "TAG Sensors has a suite of technologies which can transform the entire cold chain logistics industry. Our investment decision is anchored by the firm belief that this is a game-changer which has great potential for expansion in Asia and beyond."
"We also hope that through this inaugural investment in Norway, EPC can help facilitate Singapore as an important bridge between Asian capital and Nordic technology. This will also open up more Asian-EU economic and technological partnerships," he added.
TAG Sensors' Knut Nygard said, "We are delighted to have EPC as a significant investor. We intend to tap on EPC's network to expand across Asia and add value to the cold chain sector across the region. EPC is a welcome addition to our existing investors that include London-based Breed Reply and Platform Ventures USA."
Innovation Norway's Pal Kastmann said, "Norway's startup and growth companies are highly innovative and have great potential for development. EPC's investment in TAG Sensors underpins Singapore's receptiveness to innovation and we hope that this will be the first of many partnerships between Singapore and Norway."
"Innovation Norway has been working with TAG Sensors for the past four to five years targeting several markets worldwide. We are very pleased that it has successfully diversified its portfolio to include food transportation technology, and believe Singapore will be a perfect point of expansion into South East Asian markets," he added.
For further information, please contact:
WeR1 Consultants Pte Ltd (Investor Relations),www.wer1.net
Jordan Teo / Ryan del Agua, Tel: +65 6737 4844 [email protected]
About Elite Partners Capital
Headquartered in Singapore, Elite Partners Capital is an alternative asset management company focused on the management of yield-accretive real estate assets with high growth potential and well-defined exit strategies. Backed by a team with proven expertise in private equity and real estate investment trusts (REITs), its threefold investment philosophy aims to protect initial capital, preserve investment value and create new growth opportunities.
Elite Partners Capital is a Registered Fund Management Company with the Monetary Authority of Singapore (MAS) under the Securities and Futures (Licensing and Conduct of Business) Regulations. For more information, please visit: http://elitepartnerscapital.com
About TAG Sensors
Founded in 2012, TAG Sensors is a complete cold chain logistics solution for the food and pharmaceutical industries. It has developed the first low-cost, full visibility solution that ensures and proves that temperature sensitive foods and pharmaceutical products have been stored and transported within the temperature limits.
TAG Sensors' radio-frequency identification (RFID) Temperature Logger Label is the only one on the market that can effectively track temperature and other variables of an individual package from production to consumption, ensuring transparency, improving quality control and minimising wastage due to improper handling.
The TAG Sensors platform comprises individual Smart Tags for each good equipped with an RFID antenna and temperature sensors, a Tag Management System database that provides logs of sensor labels and alerts quality managers when the temperature is incorrect as well as mobile applications and gate readers. For more information, please visit: http://tag-sensors.com/