Trac ID Systems, a provider of RFID solutions for asset tracking and process optimisation in the oil and gas industry, has completed a EUR3m round of funding led by Northzone.
Trac ID’s main value proposition to the oil and gas industry is significant annual cost savings and improved safety by enhancing lifecycle management and visibility of all rig assets through automated tracking.
The company’s products can easily be configured to solve challenges within manufacturing control, stock management, transport tracking, and inspection/maintenance handling. The products are designed for flawless operations in rough offshore environments, and initial focus is the oil and gas sector.
Trac ID Systems was founded in 2005 as a merger between three different initiatives, all aiming at using RFID technology within the oil and gas industry. One of these initiatives was a LOOP project in Statoil, bringing Statoil in as a major owner in the company.
This new round of funding will be used to accelerate global sales, as well as deliver on the frame agreement recently signed with Statoil for implementing the Trac ID’s solution on its fixed drilling rigs on the NCS (Norwegian Continental Shelf).
“Trac ID Systems have built an organization where innovation strength and professionalism is at the core of our existence. This has enabled the development of a cutting edge product portfolio for the oil and gas industry. Northzone’s vast experience in creating international successes within the IT industry is just what we need to take the next steps into global distribution of our products. With Northzone and Statoil onboard as major owners, we have the financial strength and competence to put our ambitious growth plans into action. I’m really excited to have North zone with us on this,” says Arne Thomas Haaland, chief executive of Trac ID.
“The technology is truly revolutionary and we are thrilled to work with Trac ID and Statoil in taking the product global,” says Torleif Ahlsand, general partner at Northzone.
