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News >> Technology >>
Matrics raises $20M in Series C
By siliconindia
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Wednesday, 16 July 2003, 19:30 IST
COLUMBIA, MD: Matrics, a developer of radio frequency identification (RFID) tags for logistics and supply chain automation, said it has raised $20 million in Series C funding from a group of financial and strategic investors led by The Carlyle Group, Novak Biddle Venture Partners and Polaris Venture Partners.
"Matrics chose to seek additional funding now, even though we had adequate funding to carry us through another year, because we wanted to aggressively develop solutions and expand our implementation team to meet the pace of the current market revolution, especially in the supply chain arena. Our current funding round also enables us to continue our expansion into Europe, Asia and Japan as well as go to market with our new high speed attachment method which will dramatically reduce the cost of producing RFID tags," says Matrics CEO Piyush Sodha.
Matrics has 45 employees. Two former employees of the National Security Agency founded the company in 1999.
Piyush Sodha, CEO, has led several highly successful companies, having served as CEO of LCC International (NASDAQ: LCCI) and President and CEO of NextLinx. He sold his most recent wireless technology venture, Wireless Home, to Western Multiplex Corporation (NASDAQ:WMUX).