Intelleflex, a provider of extended capability radio frequency identification solutions, has received USD8m in funding in the initial close of an investment round led by New Venture Partners.
Earlier round investors Arcapita Ventures, Morgenthaler Ventures and The Woodside Fund also participated.
"We believe that Intelleflex is ideally positioned for compelling success," says Ketan Patel of New Venture Partners, who will be joining the company’s board. "The Extended Capability RFID category they’ve pioneered, with its rich feature set, robust performance, platform flexibility and excellent value, has created leadership opportunities in attractive segments including cold supply chain, reusable transport item management, personnel tracking and more."
Intelleflex president and chief executive Peter Mehring adds: "We’re delighted to secure this financing, and that New Venture Partners will be joining the team. We’ll use proceeds toward completion and launch of our next generation product set, scheduled for introduction early next year, and to fund ongoing operations and expansion beyond."
