Condition-monitoring start-up Logmore raises €4.5m
June 16, 2020
Finnish data-logging and condition-monitoring start-up Logmore has closed a €4.5m series A equity investment round.
Shipment condition monitoring such as temperature monitoring of food and pharmaceuticals is crucial for global logistics. Logmore ensures the quality of goods with a seamless cloud service built around dynamic QR code tags. The tags measure temperature, humidity, light, shocks and tilt. Each measurement refreshes the QR code to embed the data into it.
Since its launch in March 2019, Logmore has been adopted by more than 150 enterprises’ quality management teams. The fresh capital injection will allow Logmore to scale up operations and meet the demand for its services in North America, Asia and Europe. Logmore had previously raised €1.3m in funding for developing its subscription-based service.
“It wasn’t long ago since Logmore was just a lone woodchopper’s idea,” said Janne Juhala, founder and CEO of Logmore. “After launching the service, we’ve been working hard to make critical shipment condition monitoring such as temperature monitoring of food and pharmaceuticals easy, efficient and reliable. We are very excited to bring transparency and security into the global supply chains.”
Data are retrieved by simply reading the QR code with any smart devices’ camera or standard barcode reader. Data are automatically uploaded to the Logmore cloud platform, which allows managing and monitoring quality of fleets of all sizes. Unlike Bluetooth or USB technology, Logmore requires no specific technology from recipients and can be used in airborne supply chains, making it truly end-to-end.
The service allows quality management teams to monitor their shipments all the way to the users, which is useful for home deliveries. In addition to logistics, negotiations are open with enterprises from industries such as pharmaceuticals, food and electronics.
The round was led by NordicNinja VC (Finland) in partnership with Icebreaker VC (Finland), Trind Ventures (Estonia), Tekton Ventures (USA) and Jaakkoo-Taara (Finland).
“QR technology was invented in Japan and has been used for contactless payment for years,” said Tomosaku Sohara, managing partner of NordicNinja VC. “Logmore has taken this technology to the next level to ensure the quality of deliveries. We’re looking forward to supporting the company as it scales up globally.”
Logmore plans to use the new funding to expand its operations worldwide with emphasis on opening offices and recruiting teams in North America and Asia in addition to expanding its team in Finland during 2020.