Northzone leads €3m funding round for Trac ID Systems

Northzone's new investment will support Trac ID in increasing sales globally and delivering agreed solutions for Statoil's fixed drilling rigs on the Norwegian Continental Shelf.

Statoil Technology Ventures introduced Northzone to the company.

Company
Trac ID is a Stavanger-based information services company that provides wireless RFID (radio-frequency identification) solutions for asset tracking and process optimisation in the oil and gas exploration industry.

The company is majority-owned by Statoil, which partnered with the company as part of its technology development programme, Loop. 

It employs 16 people and 2012 revenues amounted to NOK 17m.

People
General partner Torleif Ahlsand led the deal on behalf of Northzone. Arne Thomas Haaland is CEO of Trac ID. 

Advisers
Equity - Haavind, Preben Brecke (Legal); KPMG (Financial due diligence). 

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• Topics
• Nordics
• Expansion
• Industrials
• Norway