With EIT Manufacturing as new investor, the Swedish startup ChainTraced takes further steps in the development of their traceability solution for CO2 emission tracking end-to-end. The investment, and networking support from EIT Manufacturing, is a milestone that contribute to a greener supply chain.
Since 2019, the Swedish startup ChainTraced has taken several noteworthy steps with its digital traceability solution. What initially was an idea to create a SaaS solution to ensure a more efficient, secure, and transparent quality tracking with digital product certificates, is now about to transform into a comprehensive traceability solution for Quality and Sustainability end-to-end along the metallic value chain.
Now EIT Manufacturing has taken a financial stake in the startup, helping ChainTraced raise a total of SEK 11.2 million (just over€1 million) in a fund-raising round. Along with providing their own funds.
Ensuring greener supply chains is a crucial step to reaching Europe’s ambitious climate goals, as they can account for more than 90% of a company’s greenhouse gas emissions. ChainTraced´s digital solution allows companies to trace CO2 data for the entire supply chain, creating better sustainability decisions and reporting. It can also improve business performance by enabling more efficient management of the supply chain for metals.
“EIT Manufacturing gives us a strong platform to reach out to the manufacturing industry in Europe and start making a name for ourselves to attract large industrial partners and customers,” says Victor Andersson, ChainTraced CEO.
“We have secured the capital requirement by a good margin to execute our business plan for the coming period.”
Strong commitment to sustainability through value-chain traceability
The EIT Manufacturing support for ChainTraced began with the startup entering EIT Manufacturing’s BoostUp! Bridge competition, aninitiative connecting startups to solve real-world challenges of leadingcorporates. ChainTraced won the finals of that competition by responding to a challenge posted by the EIT Manufacturing partner, and globally leading steel and technology group voestalpine, who were looking for a better way to measure and model CO2 emissions.
As a winner, ChainTraced received funding-support torun proof-of-concept with Uddeholms AB in Sweden, a subsidiary of vostealpine High-Performance Metals, including several months of EIT Manufacturing’sBusiness Creation Support services.
Further, ChainTraced was invited to highlight theiraccomplishments at EIT Manufacturing events connecting startups and industry.They were also given a platform for presentation at EIT Manufacturing Leading Lights events in May 2022 andin January 2023 on sustainable manufacturing in northern Europe, leading tofurther collaboration opportunities.
“ChainTraced´s commitment to sustainability throughvalue-chain tracking and traceability has the potential to bring real value andimpact to the industry. It is exciting to see them reach new heights with thesupport of EIT Manufacturing,” said Abir Hossain, Business Creation Manager atEIT Manufacturing.
“By investing in ChainTraced’s efforts, we are not only helping them to grow, but also contributing to the transformation of the manufacturing sector towards a greener and more sustainable future.”