Altierre secures $17 M in series B

By SiliconIndia   |   Thursday, 12 April 2007, 07:00 Hrs
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San Jose: Altierre Corp., providers of wireless infrastructure solutions for retailers, closed an oversubscribed, $17-million Series B round led by the D. E. Shaw group, a global investment and technology development firm with approximately $29 billion in aggregate investment capital.

Altierre said the new capital will support multi-phase implementations with major retail chains later this year. Also participating in the round were DuPont Capital Management and existing investors - ATA Ventures, Kinetic Ventures and Labrador Ventures - from a $13-million Series A round in January 2005.

"The refinement and validation of our technology are right on schedule," said Sunit Saxena, Chairman and CEO of Altierre. "We are very gratified to receive another vote of confidence from premier financial and strategic investors, and we expect to benefit greatly from the business networks and experience that they bring. With this additional capital, we are confident that Altierre will achieve its initial implementation plans, further penetrate the more than $10-billion grocery-market opportunity, and serve a growing number of retailers in key verticals nationwide."

Altierre’s proprietary hardware and software platform features low-cost, long-range RFID technology and back-end data-management capabilities that efficiently deliver real-time, chain-wide dynamic pricing and shelf promotions, improve price accuracy, sharply reduce labor costs and enable targeted communications with customers and employees.

Electronic shelf labels, point-of-purchase messaging and a range of other functions have been built into the company's unified platform. The company, which was founded in 2003, also announced that Mr. Turenne has joined its board of directors.

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