RFID Funding: TAGSYS Receives $16M In Second Tranche of $35M Funding Round

TAGSYS, the global leader in item-level RFID infrastructure, recently announced it has closed $16M in the second and final tranche of its $35M Series C round of funding. This brings total company financing to $80M.

TAGSYS' latest funding comes on the heels of unprecedented product releases and customer wins and will allow the company to capitalize on the accelerated demand for item-level RFID systems in existing and breakthrough vertical markets. In addition to the latest oversubscribed round of funding, TAGSYS' strong performance also won recognition from Venture Development Corporation (VDC) as a ‘Best Bet for RFID Investors' in 2007.

"We see market demand in alignment with our vision of RFID as part of the network fabric with a universal infrastructure—all built on standards and with quality-of-service guarantees," said Elie Simon, president and CEO of TAGSYS. "This new infusion of capital will enable TAGSYS to continue broadening our product portfolio and respective patent position to accelerate our leadership position in the industry."

Participating in the financing were all current investors. Participants included J.P. Morgan, DFJ Esprit (formerly Cazenove), Endeavour, Elliott Associates, L.P., Saffron Hill Ventures, and Add Partners.

About TAGSYS
TAGSYS is the global leader in item-level RFID infrastructure. TAGSYS provides RFID systems and tags for end-to-end item-level tracking that automates labor-intensive processes, authenticates and safeguards goods, and enables real-time inventory and asset visibility. With a proven track record of delivering Reliable, Accurate and Secure (R.A.S.) RFID systems and tags, TAGSYS has deployed over 100 million tags and 60,000 reader systems to over 500 customers in more than 40 countries. TAGSYS' RFID solutions are currently being deployed in a range of highly specialized vertical markets that include pharmaceutical, fashion apparel, libraries, and textile rental. The company is headquartered in Cambridge, Massachusetts with offices and R&D Centers in France, in Pennsylvania and in Hong Kong. More information on TAGSYS can be found at www.TAGSYSrfid.com.

SOURCE: TAGSYS