Singapore-based private equity firm Elite Partners Capital (EPC) has invested S$3 million (US$2.2 million) in Norwegian cold chain management specialist TAG Sensors.

In addition to the funding, EPC’s Elite InNorvate Growth LP, a Singapore-based fund dedicated to investments in Norwegian growth companies, has signed the agreement for a significant minority stake in TAG Sensors.

TAG Sensors will set up its Asian headquarters in Singapore to recruit local talent, set up IT infrastructure, and IP protection.

With the deal, EPC will leverage on its network and resources to help TAG Sensors expand in Asia.

TAG Sensors provides solutions to track and log the temperature of perishable and sensitive products, both in storage and during transportation.

Its main product is Temperature Logging Label, which 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. It seeks to identify and ultimately reduce product waste in the food and pharmaceutical industries.

The investment is said to represent one of the first Singaporean fund’s investments in a Norwegian tech company. The country said that it is seeking to diversify from its traditional reliance on the oil and gas sector.

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TAG Sensors was established in 2012, and is a recipient of a EUR1.4 million (US$1.5 million) grant from Horizon 2020, the EU Research and Innovation programme.

It offers solutions that include Big Data analysis, digitalisation, blockchain, sensor technology, and RFID and NFC wireless technologies.

EPC Executive Chairman 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 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,” said TAG Sensors CEO Knut Nygård.

Image Credit: EPC