ThingMagic raises $10 M in round A

By agencies   |   Thursday, 22 September 2005, 07:00 Hrs
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CAMBRIDGE: Thing Magic, a maker of radio frequency identification reader maker co-founded by Ravi Pappu has raised $10 million in a Series A round.

“The money would be used for technology development as well as strategic and organizational growth,” Pappu said adding, “It would also be used for development opportunities.”

The Exxel Group led the round, with Morningside Technology Ventures Ltd., Inventec Appliances and Top Line Growth Capital LLC participating.

ThingMagic officials said the investors would give the company exposure to overseas markets and added management experience.


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