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Impinj secures $21M in funding; withdraws plans for IPO

Impinj announced on Thursday that it is abandoning plans for an initial public offering, opting instead to tap its existing equity investors for another $21 million in financing. Fifteen months have passed since Impinj filed for its highly-anticipated IPO in April of 2011, which was expected to raise an estimated $100 million.

The company intends to re-submit its IPO registration statement “when conditions warrant,” according to a company press release. Impinj says that the new funding will fulfill its capital needs for the foreseeable future.

Impinj, a provider of UHF RFID tags and services — including tags and readers — expects to sell additional shares to other existing investors in mid August, driving the total funding to $24 million. Venture firms have now invested more than $180 million in the company since it was founded in 2000.

“This investment puts Impinj in an excellent cash position, enabling us to better serve our customers in the dynamic RFID market,” said William T. Colleran, Ph.D., president and CEO of Impinj. “We will continue to aggressively drive all aspects of our business to extend our technical and market leadership.”

Michael Liard, director of AutoID at VDC Research, says he expects continued strong growth for Impinj and the RFID sector.

“The RFID market remains on a significant growth path – we expect tag volumes to grow at over 50 percent annually for the next five years, reflecting strong user adoption and demand,” he says.

“This equity funding is a strong endorsement by existing investors of Impinj’s leading role in the RFID industry,” said Tom Alberg, managing director of Madrona Venture Group, one of the investors in Impinj. “We expect accelerating growth for Impinj and the industry with the use of RFID expanding into mainstream applications such as consumer products.”

 

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