May 5, 2020

Why NordicNinja invests in Logmore

Rainer Sternfeld, Managing Partner at NordicNinja VC explains why the esteemed VC decided to invest in Logmore.
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This post has been originally published on Medium by NordicNinjaVC under the title Why we’re investing in Logmore.

Did you know that 20-40% of biopharmaceuticals[1] of the €13 billion cold-chain logistics spend are damaged before they reach end-users? This category of products is sensitive to heat, humidity, light, etc. and being damaged during transport may have fatal side effects. With that in mind, it’s easy to see how much of the goods can be at risk throughout the supply chain. Yet how does the pharmacy or the end-user know that their delivery met the required conditions?

It’s not just pharma. Whether it’s fresh fish, electronics, or medical deliveries (i.e. lab tests, organs, blood), delivering sensitive goods need a solution that takes guesswork out of the equation. Being able to monitor the conditions of our shipment would provide auditability for everyone involved.

Of course, supply chains are no strangers to data, yet the current concoction of IT infrastructure doesn’t make it easy to interoperate freely across the distribution network. The world needs something workable. Transparency, accessibility, and ease of use are key; while security and repeatability have to be built into the design.

This level of robustness is impressive, and since Logmore tags require no specific technology from recipients (i.e. Bluetooth), they can be used in airborne supply chains.

Enter Logmore. Janne, Niko, Antti, and the team behind Logmore have taken proven technologies such as QR code, electronic paper, and sensors, then cleverly embedded them into lightweight data loggers with a seamless data logging service. Each new measurement refreshes the QR code to record new data into it, rendered on the electronic paper screen. This level of robustness is impressive, and since Logmore tags require no specific technology from recipients (i.e. Bluetooth), they can be used in airborne supply chains.

Logmore QR data loggers are combined with a cloud-based monitoring and control system

Data can be retrieved by simply reading the QR code with any smart devices, letting you know if the shipment met the required shipment conditions or not. The data is automatically saved in the cloud, allowing transparent monitoring of supply chains by all parties involved. The management platform then allows companies to monitor entire fleets of loggers, sending them on thousands of missions, then accessing the data programmatically to analyse it, improving your decisions and/or resolving any issues.

In a true Nordic way, they’ve eliminated everything that’s unnecessary, and kept only the essential. The result is an extremely cost-effective utility. It’s easy to see why 150+ companies are already using Logmore.

In 5–10 years time, we envision tags like this becoming an inseparable part of supply chains. They will be used in nearly all mainstream deliveries, with data being used to build better services by the entire ecosystem. All in the name of reduced risk, reduced waste, and reliability — values that are future-proof.

This is why we at Nordic Ninja VC are investing in Logmore, announcing a €4.5M Series a financing round, which we led in partnership with Icebreaker VC (FI), Trind VC (EE), Tekton VC (US), and Jaakko-Taaraa Oy (FI).

P.S. If you are a company sending or receiving sensitive deliveries, go to Get a Trial and order a free demo tag today.

Footnotes

  1. 2017 Cold Chain Outlook, Pharmaceutical Commerce https://pharmaceuticalcommerce.com/brand-marketing-communications/2017-cold-chain-outlook/

NordicNinja VC is an official auxiliary name of JB Nordic Ventures Oy, which is a Helsinki-based joint venture by JBIC IG Partners and BaltCap. JB Nordic Ventures provides investment advisory to JB Nordic Fund I SCSp.