RF Code, Inc., a premier developer of hybrid RFID data management software and enabling technologies today announced the closing of a $20 million round of venture capital. The investment marks the first institutional round of funding in the companys eight-year history. The new financing was led by QuestMark Partners of Baltimore, MD and includes Intel Capital of Santa Clara, CA. Previous investors also participated in the round.
Thomas Hitchner and Michael Leidesdorff of QuestMark Partners will join the RF Code Board of Directors.
With a history of success in North America and Japan, the funding will support RF Codes new product development and the growth of its channel sales and support organization.
With a strong management team and an eight-year history of success in asset tracking and RFID data management, RF Code is well positioned in the marketplace, said Thomas Hitchner, a partner with QuestMark Partners and new RF Code board member. We see RF Codes intellectual property, software development expertise and market experience as a powerful combination.
"RF Codes vision of 'hybrid RFID,' combining passive tags, active tags, and sensor-based networks, is consistent with how Intel sees growth in this field, said Mike Dierks, a director of strategic investments at Intel Capital. Their data management architecture and low-cost active tags enable companies to create supply chain and asset tracking solutions that offer compelling value."
Broadview, a division of Jefferies & Company, Inc., advised RF Code during the funding process.