Impinj Raises $19 Million in Private Funding Round; Prepares for Increased Demand for Item-level RFID Technology
March 7, 2007 - Seattle, WA
Leading semiconductor and RFID technology provider Impinj, Inc. today announced that the company has raised $19 million in a private funding round. AllianceBernstein L.P., one of the world's largest asset management firms, led the oversubscribed round. All previous investors also participated including venture firms ARCH Venture Partners, GF Private Equity Group, Madrona Venture Group, Mobius Venture Capital, Polaris Venture Partners and strategic investors Unilever Technology Ventures, UPS Strategic Enterprise Fund, VentureTech Alliance and the Viterbi Group.
The new financing brings Impinj's total venture and strategic investment to $98 million and will be used to escalate product development and delivery of the GrandPrix™ UHF item-level RFID solution comprising Speedway™ readers, tags powered by Monza™ chips, and application-specific near-field reader antennas.
"The demand from retail and product distribution companies for our GrandPrix RFID solution is increasing rapidly as the measurable benefits from tagging individual, high-value products such as pharmaceuticals and apparel become apparent," said William Colleran, president and CEO of Impinj. "This investment by AllianceBernstein and our previous financial supporters validates our vision for the RFID industry and allows Impinj to accelerate item-level RFID product development to address burgeoning demand."
Impinj recently announced collaboration with Owens-Illinois and Purdue Pharma, leaders in pharmaceutical manufacturing, to improve the performance and security of drug bottle fill-lines and downstream supply chain operations by using the GrandPrix solution's item-level tracking features. Impinj expects similar success from numerous item-level tagging projects underway with manufacturers and distributors in the pharmaceutical, consumer packaged goods, apparel and retail industries worldwide.
"We are excited by Impinj's leadership position in the RFID industry and by the company's recent prominent wins in pharmaceutical applications," said Jamie Kiggen, Senior Vice President of AllianceBernstein. "We believe that the pharmaceutical field represents just the first of many compelling market opportunities for Impinj's item-level RFID products."
Impinj, Inc. (NASDAQ: PI) wirelessly connects billions of everyday items such as apparel, medical supplies, automobile parts, luggage and food to consumer and business applications such as inventory management, patient safety, asset tracking and item authentication. The Impinj platform uses RAIN RFID to deliver timely information about these items to the digital world, thereby enabling the Internet of Things.
Senior Director, Marketing Communications