Impinj Secures $21 Million Equity Financing from Leading Investment Firms
Funding will fuel company’s continuing growth
July 16, 2012 - Seattle, WA
Impinj, Inc., the leading UHF radio frequency identification (RFID) technology provider, today announced the closing of a $21 million equity financing led by a broad set of existing investors, including AllianceBernstein L.P., ARCH Venture Partners, GF Private Equity Group, Intel Corporation, Madrona Venture Group, Mobius Venture Capital and Polaris Venture Partners to expand sales, marketing, product development and manufacturing operations in response to the rapidly growing demand for UHF RFID products globally. By mid-August, the company expects to sell additional shares to other existing investors, driving the total funding amount to $24 million.
"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."
“The successful use of RFID in item-level tagging applications, particularly in the retail sector, has accelerated the demand for RFID products worldwide,” said Mark Mackenzie, who manages the investment on behalf of AllianceBernstein, a leading global investment management firm with $407 billion under management. “As an active investor in both private and public companies, we’re excited to continue to invest in Impinj, the market share leader in UHF RFID.”
“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. “We expect accelerating growth for Impinj and the industry with the use of RFID expanding into mainstream applications such as consumer products.” Michael Liard, Director AutoID at VDC Research, states, “The RFID market remains on a significant growth path – we expect tag volumes to grow at over 50% annually for the next five years, reflecting strong user adoption and demand."
Because this equity financing fulfills the company’s capital needs for the foreseeable future, Impinj has withdrawn its registration statement filed with the U.S. Securities and Exchange Commission. When conditions warrant, the company intends to resubmit a registration statement, leveraging the streamlined process of the recently enacted JOBS Act.
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