Hyderabad Angels invests in RFID firm Identis

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Bangalore: Hyderabad Angels has invested 2 Cr in Hyderabad-based Identis. Founded by Suresh Lingamaneni and Sanjay Panda in 2010, Identis develops custom RFID chips for the manufacturing industry. Identis offers automatic identification products and solutions for various industry applications and specialises in RFID, biometrics, GPS, modules for manufacturing plants. Hyderabad Angels is a city-based group of angel investors backed by The Indus Entrepreneurs Hyderabad. It invests in early stage business and also provides mentoring, inputs on strategy as well as execution to the startups. It typically invests up to 2 crore with seed stage funding between 25 lakhs to 2 crore and early stage between 1 crore to 2 crore and exits over 3 to 5 year time frame through an IPO, merger or strategic acquisition. In 2010, Nexxoft Infotel Limited which focuses on interactive 3D technologies, games, RFID security and people tracking solutions and enterprise resource planning acquired 75 percent stake Elsoft Technologies Pvt Ltd; Aditya Birla's Minacs acquired Radifinity Information Systems Pvt Ltd which provides asset tracking management using RFID, smart cards, GPS and GP In 2007, the RFID technology was adopted by HPCL for LPG Cylinder tracking, vehicle tracking by Rashtriya Ispat Nigam and Indian Airlines asset tracking.