Cambridge-based Sensize has built a system for monitoring supply chains worldwide using the latest in IoT technology. Reusable packaging objects are fitted with trackers that monitor the environment and sends the data to the company’s back-end system, hosted in the ‘Cloud’, which generates actionable intelligence for supply chain users. Sensize has received a lot of interest already, with a leading global reusable packaging company being a paying customer since Q2 2017.
The Story
While working in senior roles at Cambridge Silicon Radio, a multinational semiconductor company, co-founders Neil and Luke saw first-hand how supply chain companies could benefit from IoT technology to achieve greater operational agility, avoid customer dissatisfaction and mitigate revenue loss. Offering a high-quality, pre-integrated tracking service tailored to the needs of the supply chain, the company allows customers to reap the benefits of the IoT without the risk and effort of creating their own custom solution.
Sensize began generating revenue soon after its founding, even managing to turn a small profit in 2017. A UK-based reusable packaging company recently confirmed a deployment and the company is engaged with three additional reusable packaging companies in the US, all of whom are evaluating the system and are ready to start paid field trials in Q2 2018.
The company’s long-term goal is to make it possible to add electronic tracking to every package. Medium-term it aims to dominate the reusable packaging market. Sensize predicts that, in five years, most of the high-quality reusable packing objects owned by rental companies will be connected and hopes to be the leading technology supplier making this happen.
Co-founders Luke D’Arcy and Neil MacMullen met while working for CSR. Luke built its audio branch into a $200m/year business with 60% gross margin, while Neil built and managed the entire CSR software team of 250 engineers as VP. Having previously co-founded Neul Ltd, which they sold in 2014 for $25m, both have extensive experience setting up and growing startups within the IoT sphere.
The lead investor
Michael Brunner has a technology background, having been a patent attorney for 40+ years. He has an interest in new developments and startups, particularly in the med-tech communications and IT areas in which he specialised during his career. Having advised many startups in professional practice, Michael has also been involved in strategising the protection of numerous major inventions for a wide range of businesses. He believes the reusable packaging industry has a real need for technology to track their assets and that Sensize’s flexible solution has done so effectively.
What investors have to say
“I’m in Supply Chain management and the idea of actively tracking a ‘transport module’ appeals to me - I can see the solution working for my clients.”
“This is an opportunity to invest in an experienced and proven team, in a growing area with a product that is cheaper and more efficient than competitors and is already proven as shown by the multiple contract wins.”
“I find Sensize an exciting startup in a wealthy field, where very little would spot such a great opportunity. Coming from the IT and web/mobile development world, I’m a true believer of whatever could go online, will go online, and I believe that reusability and technology together will win on the long term.”