Wavetrend Technologies Limited, the leading innovator of Ultra Long Range Active Radio Frequency Identification (RFID) technology is pleased to announce that it has just completed a multi million dollar Series B funding round.
The investment in Wavetrend, a British company with offices in South Africa, UK and USA as well as an extensive global channel of business partners, has been made by a leading US west coast venture capital group and was also supported by the existing shareholders which include Frontiers Capital. The funds raised will enable the Company to accelerate its growth by focusing on geographic expansion and increasing its investment in selected market sectors and strategic partnerships.
The company achieved Advanced Partner Status with IBM in 2002 and has invested in building strategic partnerships in Europe, Asia and the USA with global companies such as Motorola, Unisys, Exel Logistics, Red Prairie, Isotrak, BT Auto ID and QinetiQ.
Fernando de Sousa, Chief Executive of Wavetrend Technologies, commented today:
We are delighted to bring into the business, a new investor, who will strengthen our efforts in the United States and whom we believe will add considerable strategic value to the Company. The continued support of our existing shareholders further serves to vindicate our leadership position in the industry. The future for deployment of RFID enabled solutions has never looked more exciting and with the top tier partnerships we have established over the last two years we believe we are well placed as a company to deliver outstanding technology and maximum returns to customers.
Wavetrends enabling technology is globally deployed in a wide range of industrial and commercial applications which range from mission critical enterprise environments in the logistics and supply chain space to niche applications such as protection of art and tracking of wildlife in Southern Africa.
Ultra Long Range Active RFID tags are self powered beacon type transmitters able to transmit application specific data over distances ranging from 6 inches to over 2000 feet which combined with receiver technology that is priced to encourage extensive, cost effective coverage of all assets in the business enterprise, corporate assets become smart assets that continuously communicate with the enterprise network.
Wavetrend boasts Historic Royal Palaces and museums, major container ports such as Thamesport, Lords Cricket Ground and the South African Government among its clients.
The ULR Active RFID technology platform has enabled a wide range of vertical market applications such as IT Asset Monitoring & Tracking, Transport Logistics (both road and airport applications), Manufacturing and Process Control, Security & Access Control, Endangered Animal Tagging, Hospitals & Healthcare, Prison Inmates, Wardens and Inadvertent Key Loss Control and Electronic Vehicle Tracking (EVI).