PowerID Completes $12 Million Fundraising Round Led by Partech International
Amadeus Capital Partners, Apax Partners, and Infinity Venture Capital Also Participate in the Round
TEL AVIV, ISRAEL – September 4, 2007 - PowerID Ltd., the industry leader in the field of Battery-Assisted, Passive (BAP) RFID technology, today announced that it has successfully completed a $12 million fundraising round. The round was led by Partech International with the participation of existing shareholders, including Amadeus Capital Partners, Apax Partners, Clal Industries and Investments, and Infinity Venture Capital.
Established as a division of Power Paper in 2004 and spun off as an independent entity in January 2007, PowerID provides customers with reliable, cost-effective, high-performing BAP RFID labels for RF-challenging applications that involve freight, chemicals, metals, and paper. Based on PowerID’s thin and flexible, environment-friendly micro-power source, PowerID BAP labels provide high reliability at prices that are comparable to those of high-end passive labels.
"PowerID is uniquely positioned to become the market leader wherever reliable RFID solutions are needed,” said Ami Amir, partner at Partech International. “The company has demonstrated success in tracking goods in environments that challenge passive RFID, and we are excited to lead this round of financing. We are confident that PowerID will now execute to address the need for reliable RFID across focused vertical segments, and that it will become a leader in the emerging RFID sensor field."
Supporting a wide variety of applications, PowerID has successfully deployed its solutions in a number of vertical industry segments. These applications include, among others, tracking high value pallets with RF-challenging materials from distribution center to customers; industrial paper reels from manufacturer to print house; and metal aircraft parts during the manufacturing process. PowerID was chosen for these applications due to its superior performance and reliability.
“We are proud to have such a strong syndicate of investors led by Partech International in this round of financing,” said Erez Kahani, CEO of PowerID. “Over the last year, we have shown that BAP addresses a large market need. In the future, we will continue to address this need while expanding into new opportunities with an EPC-compliant, BAP product line and sensor labels.” |