|MESA, Ariz.--(BUSINESS WIRE)--June 21, 2005-- |
RF Code, Inc., a premier developer of hybrid RFID data management software and enabling technologies today announced the closing of a $20 million round of venture capital. The investment marks the first institutional round of funding in the company's eight-year history. The new financing was led by QuestMark Partners of Baltimore, MD and includes Intel Capital of Santa Clara, CA. Previous investors also participated in the round.
Thomas Hitchner and Michael Leidesdorff of QuestMark Partners will join the RF Code Board of Directors.
With a history of success in North America and Japan, the funding will support RF Code's new product development and the growth of its channel sales and support organization.
"With a strong management team and an eight-year history of success in asset tracking and RFID data management, RF Code is well positioned in the marketplace," said Thomas Hitchner, a partner with QuestMark Partners and new RF Code board member. "We see RF Code's intellectual property, software development expertise and market experience as a powerful combination."
"RF Code's vision of 'hybrid RFID,' combining passive tags, active tags, and sensor-based networks, is consistent with how Intel sees growth in this field," said Mike Dierks, a director of strategic investments at Intel Capital. "Their data management architecture and low-cost active tags enable companies to create supply chain and asset tracking solutions that offer compelling value."
Broadview, a division of Jefferies & Company, Inc., advised RF Code during the funding process.
About QuestMark Partners
Founded in late 1998 by former Alex Brown bankers, Baltimore, Maryland-based QuestMark Partners (www.questmarkpartners.com) is an active late-stage venture group with more than $450 million under management. QuestMark invests in emerging growth companies with exceptional management teams and proven products and services, addressing Internet technology, software, IT, healthcare and consumer markets.
About Intel Capital
Intel Capital, Intel's strategic investment program, focuses on making equity investments and acquisitions to grow the Internet economy in support of Intel's strategic interests. Intel Capital invests in hardware, software and services companies in several market segments, including computing, networking, and wireless communications. For more information, visit www.intel.com/capital.
About RF Code, Inc.
RF Code is a premier developer of hybrid RFID data management software and enabling technologies. Our TAVIS(TM) software suite is a comprehensive management platform for Auto-ID data collection and distribution. Since 1997, we have designed high-performance, low cost active RFID systems that accurately manage and track physical assets, information and personnel.
In concert with our partners, RF Code provides solutions for aggregating, analyzing and mining Auto-ID data. Our Mantis(TM) active RFID tags and readers incorporate patented innovations to provide high functionality at the lowest cost in the industry. RF Code's solutions are put into service in sectors as diverse as manufacturing, defense, transportation, homeland security, information technology, healthcare and entertainment.
About RF Code's TAVIS Platform
RF Code's award winning TAVIS(TM) software platform is an Auto-ID data management suite which supports the broad spectrum of Auto-ID devices for data collection, filtering and consolidation. The TAVIS platform also serves as an application bridge to the world's leading information systems. TAVIS-powered solutions enable device-independent data collection from a wide variety of devices including: active RFID readers, passive RFID readers, remote sensors, mesh RF networks, barcode scanners, Wi-Fi(R) access points and GPS receivers. The software converts reader data into a standard format that can be managed locally or centrally, and linked to end-user applications that track, locate and identify assets.
TAVIS and Mantis are trademarks of RF Code, Inc. All other product and company names herein may be trademarks of their respective owners.
RF Code's annual Press and Analyst Tour commences the week of July 11th in New York and Boston. Please contact us for details.