SANTA CLARA, Calif.--(Business Wire)--
Intelleflex Corporation, the leader in Extended Capability RFID, today announced
that it has received $8M 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," said
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 CEO Peter Mehring added, "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."
About New Venture Partners
New Venture Partners LLC, the global venture capital firm dedicated to corporate
technology spinouts, has over $700 million under management. New Venture
Partners provides a bridge between technology corporations and traditional
venture capital. Through its unique, hands-on approach, the firm offers a
systematic process for commercializing innovations and provides an alternative
path to market for corporate technologies. The New Venture Partners team has
completed over 50 spinouts from the R&D labs and business units of global
technology corporations including Lucent/Bell Labs, British Telecom, Philips
Electronics, Agere, Boeing, Freescale Semiconductor, Intel, Telstra, and others,
and has become the benchmark for corporate spinout venturing. www.nvpllc.com
About Intelleflex
Intelleflex is the leader in Extended Capability RFID solutions, products, and
technologies. Its Intelligent RFID Platform, comprising high performance
multi-protocol tags and readers, enables solutions for asset tracking, vehicle /
yard management, manufacturing WIP control, supply chain automation, parts
maintenance, access control, and other applications. It features range,
reliability, memory capacity, and security far beyond standard passive RFID, and
at a fraction of the cost of active RFID solutions. For more information, please
visit www.intelleflex.com.
Intelleflex Corporation
Tom Reese, 408-200-6523
Director, Business Development
treese@intelleflex.com
Copyright Business Wire 2009
