Trac ID Systems, a Norway-based provider of identification tags for asset tracking and process optimisation in the oil and gas industry and backed by Statoil’s corporate venturing unit, has raised €3m ($4m) from a consortium led by venture capital firm Northzone.

The money will partly be used to deliver on the agreement recently signed with Norway state-owned Statoil for implementing the Trac ID’s products on their fixed drilling rigs on the Norwegian Continental Shelf.

Trac ID Systems was founded in 2005 as a merger between three different initiatives, all aiming at utilizing radio-frequency identification (RFID) technology within the oil and gas industry. One of these initiatives was a LOOP project in Statoil, bringing Statoil in as an owner in the company.

Statoil Technology Invest and angel investors have provided the prior money to Trac ID.

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