Impinj, Inc., leading UHF radio frequency identification (RFID) technology provider recently announced $21 million of equity financing from existing investors including ARCH Venture Partners, GF Private Equity Group, Intel Corp., AllianceBernstein L.P., Mobius Venture Capital, Madrona Venture Group, and Polaris Venture Partners. The funding is being provided for market, sales expansion, product development and manufacturing in response to the growing trends and demand for RFID technology globally. The company expects to gain other investors through the sale of shares by August, raising the total funding amount to $24 million.
“This investment puts Impinj in an excellent cash position, enabling us to better serve our customers in the dynamic RFID market,” said William T. Colleran, Ph.D., president and CEO of Impinj. “We will continue to aggressively drive all aspects of our business to extend our technical and market leadership.”
“This equity funding is a strong endorsement by existing investors of Impinj’s leading role in the RFID industry,” said Tom Alberg, managing director of Madrona Venture Group. “We expect accelerating growth for Impinj and the industry with the use of RFID expanding into mainstream applications such as consumer products.” Michael Liard, Director AutoID at VDC Research, states, “The RFID market remains on a significant growth path — we expect tag volumes to grow at over 50% annually for the next five years, reflecting strong user adoption and demand.”
Impinj had initially filed registration with the U.S. Securities and Exchange Commission but has withdrawn the statement after receiving promising capital for the future through investments.