CIT GAP Funds invests in CargoSense
The Center for Innovative Technology (CIT) announced this week that its CIT GAP Funds closed an investment in CargoSense, a Reston-based startup offering a big data and analytics product to healthcarelogistics providers. New Dominion Angels, a Virginia-based angel investment group, invested alongside CIT.
Every year more than 80 million climate-sensitive pharmaceutical shipments are made, and the pharmaceutical industry incurs $35 billion in losses resulting from damage that occurs during shipping. CargoSense’s technology helps decrease this loss by collecting data such as light, temperature, pressure, humidity, shock and tilt using advanced sensor technology, and then providing intuitive data analysis to pharmaceutical logistics groups. Clients use the insights from CargoSense to reduce loss and ensure compliance for sensitive shipments.
CIT President and CEO Pete Jobse said, “CargoSense uses data analytics to reduce waste in the pharmaceutical supply chain, meeting a need to optimize the supply chain and save money. Innovative solutions like this one are what we look for when making CIT GAP Funds investments.”
CargoSense was founded in 2012 by an impressive management team led by the founder of InfoEther and serial entrepreneur, Rich Kilmer. Kilmer is joined on the executive team by other notable InfoEther alums and successful career entrepreneurs.