2021-01-20

Bergen-based Saga Tenix AS raises €1.5 million from Norway’s largest VC fund, Idekapital
Bergen-based Saga Tenix AS raises €1.5 million from Norway’s largest VC fund, Idekapital

After a year of remarkable revenue growth for Saga Tenix, Idekapital invested around €1.5 million in the Norwegian telematics company in December.

- We are proud to announce that we have come to an agreement with Idekapital. They have been thorough and professional in their approach, and we are excited to continue the Saga Tenix journey together with a driven and successful investor, says Robert E. Jacobsen, CEO at Saga Tenix.

Saga Tenix AS is a Norwegian technology company established in 2008 and one of the leading Scandinavian providers for the electric bus telematics market. The company’s main product is marketed under the brand name Tenix and developed after the rigorous, new EU ITxPT (IT for Public Transport) standards.

- Saga Tenix is growing rapidly and has proven its ability to win tenders in a competitive environment. They already have an impressive customer base and happy customers. These are important factors for us when we make investment decisions at Idekapital, says Frida Rustøen, investment manager.

- We are impressed by what the Saga Tenix team has been able to achieve especially in terms of product and commercial success. They have worked closely with their customers in developing the products and have been ahead when it comes to new standards and technological advancements, she continues.

The market for Intelligent Transport Systems (ITS) solutions and charging stations for electric buses in Europe and North America is large and expected to grow massively over the next years. One of the main drivers is the rapid electrification and need for “smarter” management of the overall bus fleet, which again is driven by mega-trends such as urbanization, climate change and traffic congestion.

- Saga Tenix has a strong environmental profile, especially related to their electric bus Charging Management System (CSMS). This is a significant competitive advantage making the Tenix products increasingly sought after in the European market where the bus fleet is gradually electrified, says Anders Brandt, Partner at Idekapital.

The European Commission (EC) has set ambitious CO2 emission reduction objectives for the public transport sector by 2050. Most decarbonization scenarios foresee large market penetration of electric buses in the coming years. The emergence of electrified mobility is, however, uncertain due to various barriers such as battery costs, range anxiety and dependence on battery recharging networks. Saga Tenix addresses these barriers and build software solutions that will make operations safe and sustainable.

- We know from our own experience with customers that have implemented electrical busses in their operations, that it changes the way they work. Charging control and charging time, intervals and route lengths, night charging or fast charging are now as important as controlling fuel consumption has been for fossil-fueled busses and ferries, says Saga Tenix CEO Robert E. Jacobsen.

- With our suite of fleet software solutions as well as via data collection and analysis, we help our customers improve driver efficiency, bus uptime and route planning, all to the benefit of the passenger and City.

The new capital will be spent on building the organization and growing further into the European and International telematics markets.

Contact: Robert E. Jacobsen, Chief Executive Officer, robert@tenix.eu

More about the company:

Saga Tenix is a Norwegian company established in 2008 offering end-to-end IT solutions and equipment for the bus and public transport segment. Their customers are mostly public transport

operators, primarily within electric vehicles. Saga Tenix’ IoT platform collects all the vehicle data such as driving profiling, real-time positioning, and battery data, allowing it to make a smarter use of data and optimize their operations. Visit their website at www.tenix.eu

About the Investor:

Idekapital is the largest Norwegian VC, with more than 1bn NOK under management. They invest in aspiring software and tech companies with inherent global potential, scalable business model, and talented management. The focus is on Norwegian software companies with B2B business models, and the funds are industry agnostic. The team consists of four founding partners and two investment managers in the Oslo office, and one partner based in London. Together they provide growth equity, strategic advice and scale-up support for entrepreneurs seeking to build global market leaders within their nice. Visit their website on www.idek.no