November 04, 2010 08:00 ET
AeroScout Closes $16 Million Investment to Support Its Continued Rapid Growth in the Wi-Fi RFID Market
Proceeds Will Enable AeroScout to Capitalize on Strong and Growing Demand, and to Further Extend Its Market Leadership
REDWOOD CITY, CA--(Marketwire - November 4, 2010) - AeroScout announced today that it has secured $16 million in venture financing to capitalize on the strong demand for its Real-Time Location System (RTLS) and to continue to accelerate the adoption of its Wi-Fi RFID solutions. New investor Evergreen Venture Partners led the round, and all of AeroScout's existing investors -- Cisco, Greylock Partners, Intel Capital, Menlo Ventures, Pitango Venture Capital and Star Ventures -- participated in the current round of funding. The proceeds will be used for market expansion, including sales and marketing growth, and to continue broadening and enhancing AeroScout's solution portfolio.
"This latest investment in AeroScout reflects the high level of confidence the entire investor group has in AeroScout's ability to execute and in the market opportunity," said Doug Carlisle, Managing Director, Menlo Ventures. "Widely recognized as the market leader in RTLS, AeroScout is well positioned to benefit from the continually increasing demand for the types of solutions and value the company provides."
With more than 600 customers worldwide, AeroScout has the largest market share and the broadest set of RTLS solutions to accommodate a variety of industries, environments and use cases. Organizations across targeted industries, including healthcare, manufacturing, logistics and transportation, among others, use AeroScout solutions to gain real-time visibility into the location, status and condition of assets and people in order to improve operational efficiency. Customers range from leading hospital organizations such as Adventist Health System and Yale-New Haven Hospital, to manufacturers such as Freescale Semiconductor, to large logistics and transportation companies such as TNT Express.
AeroScout continues to gain market share in the industries it serves because, among other reasons, customers are able to leverage their existing, standard Wi-Fi infrastructures instead of deploying and maintaining separate proprietary networks for their RTLS implementations. AeroScout has also established the most robust ecosystem in the market, with hundreds of channel, infrastructure and application partners who have embraced its solutions and become part of the AeroScout network.
Healthcare is a primary market for AeroScout. In this sector, AeroScout is exclusively endorsed by the American Hospital Association for its Wi-Fi RFID solutions. Both AeroScout and the healthcare RTLS market are experiencing high growth rates. As such, keeping pace with the demand and expanding its presence in healthcare will continue to be a focus for AeroScout as it grows its business.
"With organizations under intense pressure to operate more efficiently while also improving safety and quality, we continue to see rapid adoption of our solutions. Thus, we will use the investment to build upon the record growth we are experiencing this year," said Yuval Bar-Gil, CEO, AeroScout. "The AeroScout team is extremely proud of the significant value that our products and solutions are generating for the customers we serve. The additional capital enables us to extend our substantial lead in RTLS solutions and gives us the opportunity to provide even greater value for even more organizations."
AeroScout is the market leader in Unified Asset Visibility solutions. Customers improve operational efficiency using AeroScout products that leverage standard Wi-Fi networks to track and manage the location, condition and status of mobile assets and people. AeroScout's global customer base consists of leading hospital, manufacturing and logistics organizations, including many of the Fortune 500. The company invented the first Wi-Fi-based Active RFID tag, and today is widely recognized as leading the market in number of deployments and tags shipped. Headquartered in Redwood City, California, AeroScout has offices in Europe, the Middle East, Asia, Australia and Latin America. For more information, please visit www.aeroscout.com.
AeroScout is a registered trademark of AeroScout, Inc. Wi-Fi is a trademark of the Wi-Fi Alliance. All other trademarks are the property of their respective owners. Information is subject to change without notice.