Controlant has received $2.47 million (320m ISK) in a funding round led by venture fund Frumtak 2, which is joined by various other investors through the investment company TT Investments ehf. This investment was included in Norðurskautið’s Q4 2015 funding analysis.
Controlant offers automated cloud-based temperature monitoring solutions for food and drugs that need to be manufactured, transported and stored at a specific temperature range. The company was founded in 2004 and today has offices in Iceland and Denmark.
Last year Controlant acquired many new customers and today has contracts with companies such as the Walgreens Boots Alliance chain in the UK, which uses Controlant’s solution in many of their warehouses. Additionally, Controlant has signed a contract with one of the world’s five largest companies in the field of clinical drug trials. Gísli Herjólfsson, CEO and co-founder of Controlant, says the founders are happy with the progress the company has made in 2015. “I’m not only referring to our growth, funding and the new contracts we’ve signed, but also what we are delivering to our customers”, Gísli adds.
Food and drug safety regulations are becoming increasingly strict, with new laws focusing on preventing food contamination instead of responding to it. An example of this is the Food Safety Modernization Act, which was signed into law in the United States in 2011. This increased focus on food and drug safety has proven very important for Controlant’s success. “We seem to have been in the right place at the right time” says Gísli.
Controlant was the 2009 winner of the Golden Egg startup competition and received $695K (90m ISK) in funding from the venture fund Frumtak in 2011. The company has also received various grants from the Technology Development Fund in the past, amounting to a total of $436K (56.5m ISK).