CONTXT uses IoT sensors that give information related to cargo. Credit: Michael Longmire on Unsplash.

Greenlight Re Innovations has made an undisclosed investment in Paxafe, a supply-chain visibility and analytics platform focused on high value and perishable cargo.

Insights related to shipments’ location, condition, and custody are historically not available to shippers and insurers. Paxafe tries to addresses this concern through its ‘CONTXT’ platform.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

CONTXT uses IoT sensors that give information related to cargo’s location and provide an interactive timeline that displays a full chain of custody.

It also tracks environmental data such as temperature, humidity, pressure, tilt, shock, and light to identify conditions in which there is an elevated risk of cargo damage.

Greenlight Re CEO Simon Burton said: “The ability to monitor the location of cargo and its environment in real-time has the potential to transform cargo risk underwriting. We look forward to working with Paxafe as they bring this innovative approach to the cargo market.”

In case of elevated risk, CONTXT relays actionable intelligence to the affected parties to prevent or mitigate adverse events that might otherwise occur.

Paxafe CEO Ilya Preston said: “Risk and loss through the supply chain don’t just negatively impact shippers and logistics companies, but also cargo insurers.

“Technology providers focus on visibility, whereas we see an opportunity to predict where risk is prevalent and prevent that loss altogether.

“We’re thrilled to lean on Greenlight’s insurance expertise as we look to bridge the gap between cargo insurance and the supply chain.”

Launched in 2018, Greenlight Re Innovations is a part of Greenlight Capital Re based in Cayman Islands.

It supports technology innovators in the (re)insurance space by providing investment, risk capacity, and access to a broad insurance network.