RFID Talk Blog

Item-level provider TAGSYS raises $12M in venture funding

The investment community continues to channel cash into the RFID sector. The latest beneficiary, item-level RFID infrastructure provider TAGSYS, has pulled in $12 million from five investors. The announcement follows those from Alien Technology, which raised $10.9 million, and RTLS provider Awarepoint, which raised $10 million.

TAGSYS marketing director Maria Kaganov says the new funding will help the firm to expand its distribution channels, assist partners in securing new markets, and allow TAGSYS to continue to develop UHF and HF solutions optimized for item-level applications for a variety of markets including library, textile services, brand and fashion and healthcare. Specifically, Kaganov sees the funding helping to expand the firm’s retail solutions into the U.S. market, and its textile solutions into the Middle East and Asia.

TAGSYS’ business model provides complete purpose-built infrastructure to customers, and has led to wins in several major applications during the last 12 months, including item-level supply chain projects in the fashion sector with Rica Lewis and Serge Blanco. The companies use TAGSYS solutions to track millions of clothing items, and to manage in-store inventory at leading European retailers including Carrefour, Auchan and Intermarché.

“After years of over-hyped expectations, the RFID market has reached a stage of maturity where customers are focused on the proven tangible benefits of RFID and using practical, real-world solutions to gain competitive operational advantage,” Bernard Vogel, of venture firm Endeavour Vision, said in a press release. “Industry leading RFID solutions-based companies such as TAGSYS are at the forefront in delivering this competitive advantage to leading companies around the globe.”

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