Bengaluru-based cold chain monitoring solution provider TagBox has raised an undisclosed amount of angel investment from Indian Angel network and the IAN Fund. The funding round was led by IAN members Naveen Gupta and Dinesh Goel.
The startup plans to utilise the funds for product development, filing patents and global certifications for its entire tech stack and is currently focusing on cold chain solutions for pharma, F&V, dairy, meats, processed and frozen food, ecommerce and retail.
TagBox enables organisations to create reliable and sustainable Cold Chains with the use of IoT, Advanced Analytics, and Automation. It was founded in the year 2016, by Adarsh Kumar, Saumitra Singh, and Sameer Singh. TagBox helps organisations improve their cold chains by giving real-time visibility and predictive insights for an end to end cold chain health at any level of granularity. Ex. Box, pallet, cold room, refrigerated vehicle or retail store/pharmacy.
Commenting on the fund raise, Adarsh Kumar, Cofounder TagBox said, “We are incredibly privileged to be invested in by such an amazing investment network. We believe that IAN’s experience and in-depth knowledge would provide a significant boost to our quest to cost-effectively and reliably tag every single box that carries cold chain products, monitors its health real-time and predicts and prevent cold chain failures.”
The current cold chain industry is globally a $10Bn market, but the ecosystem is riddled with inefficiencies. The key problem areas in cold chains are:
- Low or fragmented visibility and traceability into cold chain health and performance
- Inability to meet compliance requirements, leading to penalties
- Product spoilage, shrinkage & expiry losses due to mismanagement and breakdowns
- Significant human dependence for quality control;
- very low automation: High Cold Chain cost (4X of regular supply chain)
- Low SLAs: The current solutions are primarily ‘Hardware’ oriented and provide raw telemetry data to organisations in formats that can be barely used with limited data historical storage.
Addressing these challenges, Tagbox provides comprehensive solutions using IoT, Advanced Analytics, and Automation to integrate the client’s ERP data with sensor data for advanced analytics, thereby directly improving the cold chains.