RFID platform company Intelleflex Gets Dough for Ventures
Intelleflex Corporation, which calls itself the “The Intelligent RFID Platform Company,” just closed a deal for more money – $15.5 million – in Series B equity funding, led by Morgenthaler Ventures.
Proceeds from this round will be used to ramp production, extend the company’s line of high-performance RFID tags and readers, and help the company get its products to its target markets … faster.
Intelleflex products enable critical applications such as asset management, yard operations, manufacturing WIP, supply chain and security/access control.
Intelleflex Corporation Secures $15.5 Million in Series B Funding
Thursday July 27, 6:30 am ET
Lead Investor Morgenthaler Ventures and All Series A Investors Participate
SAN JOSE, Calif., July 27 /PRNewswire/ – Intelleflex Corporation, “The Intelligent RFID Platform Company,” today announced the closing of a $15.5 million round of equity funding. This Series B round was led by Morgenthaler Ventures, and was over-subscribed, with continuing participation by Series A investors Woodside Fund, Alloy Ventures and Selby Venture Partners. Proceeds from this round will be used to ramp production, extend the company’s line of high performance RFID tags and readers and expand the company’s go-to-market capabilities. Intelleflex products enable critical applications including asset management, yard operations, manufacturing WIP, supply chain and security / access control.
“We are very pleased to add Morgenthaler Ventures to our investor group,” said Richard Bravman, Chairman and CEO of Intelleflex Corporation, “and delighted that Bob Pavey, their Managing Partner, will be joining our board. We are convinced that the Company is powerfully positioned to emerge as a leader in the RFID space. The experience, relationship network and resources that Bob and Morgenthaler bring to our team will certainly play a major role in our future success. The ongoing support of all our Series A investors, who have contributed so importantly to our progress to date, is of course gratifying.”
The $11.3 million Intelleflex had raised in its A round was used to develop the industry’s first fully integrated multi-protocol EPC-compliant RFID single chip IC. In their battery-assisted passive mode of operation, the tags built around this chip offer operating ranges in excess of 100 meters, robust performance in difficult RF conditions and an extended feature set including 64k bits of user read / write memory. Together with the Company’s multi-protocol reader, they comprise an intelligent RFID platform with unprecedented capabilities and value.
First customer shipments of this initial product set will take place in late 3Q 2006, with ramp to full production and general availability in the fourth quarter. Boeing has already chosen the Intelleflex IC as the RFID platform for the “smart labels” to be placed on maintenance-significant parts of its next generation 787 Dreamliner.
“We’re very excited about Intelleflex’s prospects,” said Bob Pavey. “The company has great technology, a very experienced team with proven executive leadership, a winning strategy and strong early momentum. I’m confident in the Company’s ability to shape and lead in the growth of what promises to become a multi-billion dollar industry, and pleased that Morgenthaler will be able to contribute to that enterprise.”
About Intelleflex
Intelleflex Corporation’s innovative RFID technology provides industry with “best in class, standards-compliant” products that address mission- critical customer needs and enable new and powerful application capabilities. Intelleflex tags and readers are designed to deliver unprecedented range and read/write accuracy, user-defined memory, and application-specific security. Intelleflex is at the forefront of the next wave of RFID systems that not only identify, but communicate, remember and sense. For more information, visit www.intelleflex.com.
About Morgenthaler
Morgenthaler Ventures has worked with outstanding entrepreneurs to build valuable companies for over 38 years. Currently, the firm has $2.5 billion under management, including $450 million in the current fund (capitalized in October of 2005). Morgenthaler’s venture capital team focuses its investments in two areas: Life sciences and information technology and is headquartered in Menlo Park, CA, with offices in Boulder, CO; Boston, MA; and Princeton, NJ. Representative semiconductor and communications infrastructure investments include such names as Premisys, Microchip, Endwave, Vitesse, Cortina, Peregrine, and Paratek. Morgenthaler’s passion for company building has earned them the respect of their partners and exceptional results for their investors. For more information, please visit http://www.morgenthaler.com.
