December 14, 2010 09:00 ET
Intelleflex Closes $11.5 Million in Funding, Gears Up for Expansion
Tier-One Venture Capital Infusion Validates Multi-Billion-Dollar Market Opportunity for the Perishable Food and Pharmaceutical Cold Supply Chain
SANTA CLARA, CA--(Marketwire - December 14, 2010) - Intelleflex, a leading provider of on-demand data visibility solutions, announced today that it has closed an $11.5 million Series A extension with current investors Arcapita Ventures and New Venture Partners. Leveraging patented technology that yields a disruptive price/performance model, the Intelleflex XC3 Technology™ platform provides a low-cost extended-capability solution that addresses a multi-billion-dollar market opportunity for the perishable food and pharmaceutical cold supply chain, where approximately one third of temperature-sensitive products are wasted. This new capital investment will be used to expand sales and marketing and accelerate key vertical-market initiatives with strategic partners in response to increased demand for the company's solutions.
By providing in-transit visibility of cold-chain product temperature data at the package level, Intelleflex allows producers, shippers, distributors and retailers to monitor product freshness and quality, on-demand, on fully loaded pallets or totes, delivering the ability to save billions of dollars of annual losses by avoiding product waste.
"Conditions are ideal for Intelleflex to emerge as the break-out performer in on-demand tracking and monitoring at the product level," said Tom Hawkins, Director at Arcapita Ventures. "Intelleflex has delivered a very compelling solution based on its proven XC3 Technology, which addresses the extensive losses in perishable products across the cold chain. We have high confidence in their ability to deliver beyond market expectations, given the impressive customer traction we have seen since Intelleflex announced the product's general availability last quarter."
"The Intelleflex solution uniquely enables the verification of in-transit integrity of pharmaceuticals and biologics," said Ketan Patel, Principal at New Venture Partners, LLC. "The XC3 Technology's best-in-class RF performance allows product verification and integrity checks through very dense, highly insulated, tamper-proof packages at a price point that can be deployed at the individual package level. Additionally the technology supports built-in traceability and ePedigree data. The aggregation of all of these features uniquely positions Intelleflex as the leading hardware provider in the cold supply chain."
"Product-level temperature monitoring, with in-transit data visibility, is the key to avoiding temperature-related waste in the cold supply chain," said Peter Mehring, President and CEO of Intelleflex. "We are excited to be the first to deliver a cost-effective temperature monitoring product with standards-based, high performance RF enabling data access through very dense products and packaging. It's refreshing to see the positive customer reaction and value recognition when they experience reading product data through a pallet of produce or an insulated pharmaceutical package. We look forward to bringing these products, and more, to a broader market in the next year."
Today's announcement follows a December 7, 2010 announcement by Intelleflex that it had championed and helped to develop the recently adopted ISO/IEC 18000-6:2010 industry standard for battery-assisted passive RFID. The standard establishes best practices that are expected to guide producers of RFID technology in developing solutions for a range of tracking and asset management applications. On November 16, 2010, Intelleflex announced an industry-first series of RFID readers and tags capable of tracking the freshness or integrity of perishable foods and pharmaceuticals on fully loaded pallets or totes.
Intelleflex provides on-demand, data visibility solutions for cold chain and asset management. Its industry-leading XC3 Extended Capability RFID products and technologies enable a range of solutions for perishable food and pharmaceutical temperature monitoring, asset tracking for construction and other remote worksites, vehicle/yard management, security and access control, and other applications. These solutions deliver real-time monitoring that can help organizations reduce shrinkage or loss, more closely track and manage assets, reduce their cost of operations, and increase profitability. For more information, visit www.intelleflex.com.
Intelleflex is a registered trademark, and XC3 Technology and Extended Capability RFID are trademarks of Intelleflex. All other trademarked names in this document are the properties of their respective owners.