With £37M funding, this cold chain startup from Iceland is helping Pfizer deliver COVID-19 vaccine globally

Image credits: Controlant

Icelandic-startup Controlant, an emerging leader in digital supply chain monitoring technology solution is racing to distribute one of the major coronavirus vaccines across the world. Its unique real-time supply chain monitoring tech is based on GSM networks and is geared towards the life sciences and pharmaceuticals. It involves screen-based IoT tags that link to GSM networks and feed the same into web and mobile apps.

Delivers COVID-19 vaccine globally

Controlant has confirmed that it will provide its monitoring services to Pfizer and delivers the Pfizer-BioNTech COVID-19 vaccine globally. The governor of New York held a box with the vaccine and an unknown tag, which appears to be similar to a Controlant GSM tracking device.

Besides providing the visibility and monitoring solutions to Pfizer, it is working with the U.S. government, U.S. Department of Health and Human Services, the CDC, and stakeholders directly in “Operation Warp Speed”. This platform is used all throughout the U.S. supply chain journey of vaccines.

Gisli Herjolfsson, co-founder and CEO of Controlant said: “Controlant has amassed a depth of expertise in vaccine supply chain operations and we are happy to have the opportunity to apply our solutions to the entirety of the mRNA-based Pfizer-BioNTech COVID-19 vaccine supply chain, through our direct work with Pfizer and government stakeholders.”

Proprietary platform

Controlant IoT devices that will be bundled with the coronavirus vaccines will capture environmental information such as temperature, time, light events, and other details. These will be shared with the company’s proprietary platform in real-time. Eventually, Controlant will provide real-time dashboards, helpful tips, market commentary and more.

£37M backing from investors

In September this year, this Iceland-based startup bagged $15M (nearly £11M) Series B funding led by existing shareholders and local investors. With this, the overall investment raised by the company is $50M (nearly £37M).

Iceland-based investors Sjova and VIS. Frumtak are the initial investors in Controlant. Recently, Frumtak sold 11% of its stake in Controlant in a transaction handled by Arion Bank for almost $14M (£10.4M) and will continue to hold 13% stake via the Frumtak II fund.

Controlant will use the investment to power the rapid expansion of its geographic footprint, addressable markets, and expand its user base. Also, it will drive the expansion of its real-time Cold Chain as a Service Digital Visibility Platform, which brings unparalleled efficiency, visibility, and responsiveness to global supply chains that are temperature-controlled.