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