Birmingham venture capitalist Midven has invested £175,000 in a firm producing a cutting-edge wireless system to monitor temperature.
T2 Communication, also based in Birmingham, has created the Smartbox which uses mobile and radio technology to control the temperature in a variety of situations.
The wireless sensors detect changes in temperature and relay the information back to a central computer, which raises an alarm if there is a problem.
The device has already been sold to hospitals to provide 24-hour management of both food and blood storage.
Dave Myers, managing director of T2, said: "A real advantage is that the only time the user has any contact with the system is when it gives a warning that something may be wrong.
"Otherwise it sits in the background and monitors each fridge up to 720 times a day.
"Installation is also very straightforward and completed within a day without the need for specialist electricians."
Mr Myers hopes product sales will also benefit from pending legislation on the storage of perishable items.
Midven, which has pumped in the equity and loan investment out of the Advantage Growth Fund, said it was happy with the product's existing track record and Mr Myers' previous business experience.
Roger Wood, investment manager of Midven, said: "Mr Myers has an excellent track record developing successful businesses from start-up.
"T2's chairman David Price is also a successful Birmingham businessman who runs the Tudor Group of companies and non-executive finance director Tim Patterson was previously national director of business advisory services at PKF.
"Each has proven expertise in his own particular sphere of business and, with forthcoming legislation making the product a musthave, we are very happy to be making the investment."
The £20 million Advantage Growth Fund was launched in February 2003 by Advantage West Midlands to invest venture capital in small and medium-sized companies in the region. Managed by Midven, its investors include Barclays Bank, the Royal Bank of Scotland, HSBC, the European Investment Fund, local universities and the Department of Trade and Industry.