On a day when the stock market lost 4 percent in its biggest drop since 2008, Invengo announced it has raised $108 million (US) through a private placement stock offering.
The firm, based in Shenzhen, China with U.S. offices in Washington DC and Seattle, will use the cash infusion to introduce several new products over the next few weeks. In preparing for wider acceptance of RFID, Invengo will also increase stock levels and invest in larger local facilities including lab, training, quality control and warehouse space.
The proceeds raised will be invested in five projects, which are expected to consume $123M (US) in investment capital. Specifically, the projects include the commercialization of the Internet-Of-Things, RFID handhelds, a management system for RFID-based railway vehicle parts, research and development into an automated library system, and developing tracking devices for trains.
Invengo is a public company valued at $1.3 billion, employing over 600 people globally. The company designs and manufactures a complete range of UHF inlays, readers and complete RFID system solutions for multiple RFID applications such as apparel, logistics tracking, library, health care, manufacturing, temperature monitoring, pharmaceuticals.