PARIS " Tagsys, developer of RFID (Radio Frequency Identification) systems, announced it has raised $16 million in the second and final tranche of its $35 million Series C round of funding, bringing the total financing raised to date to about $80 million.
With this new capital increase, Tagsys said it aims to capitalize on the accelerated demand for item-level RFID systems in existing and breakthrough vertical markets.
"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," noted Elie Simon, president and CEO of Tagsys, in a statement. "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."
Investors participating in this round are J.P. Morgan, DFJ Esprit (formerly Cazenove), Endeavour, Elliott Associates, L.P., Saffron Hill Ventures, and Add Partners.
The first tranche of the $35 million Series C round of funding was completed in May 2006.
Founded in 1996 as a division of smart-card technology company Gemplus, Tagsys was spun out and sold to Axa Private Equity, Saffron Hill Ventures, and Endeavour Advisors in October 2001 as part of Gemplus' financial restructuring. Originally located in La Penne sur Huveaune, in the South of France, Tagsys' headquarters recently moved to Cambridge, Massachusetts. Offices and R&D centers remain in France as well as in Doylestown, Pennsylvania, and in Hong Kong.
