With next generation standards in radio frequency identification driving customer adoption, asset-tracking software developer InSync Software Inc. has raised $7.5 million in its first institutional round of funding led by Rustic Canyon Partners and Intel Capital.
Company president and CEO Ashish Chona says the VC interest is based largely on the fact that the RFID and Sensor industry as a whole is ripe for a solution that leverages RFID above tag and ship, to deliver real RoI. He says InSync’s software is a unique technology that connects geographically distributed RFID devices, sensor networks and trading partners using open standards. “Our products are built on Services Oriented Architecture and have been proved to generate a significant RoI in our early customer case studies.” Chona says the companies with complex business process and geographically distributed partners and customers that are looking to minimize inventory levels, increase visibility of product and asset movement are his key customers. “Very few companies are focusing on the verticals we are: high value assets in manufacturing,” says Chona about the competition.
Insync, which has about 40 employees at its Santa Clara office, will use the funding to reach a broader market segment, extend its Sense and Respond applications, and ensure operational scalability, Chona says.