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Omni-ID secures $15 Million in series C funding
By siliconindia
Foster City: Omni-ID, an innovator in passive ultra high frequency (UHF) radio frequency identification (RFID) technology, has secured $15 million in the series C venture funding round, solely funded by Cody Gate Ventures GP. The fund will be used to ramp up Omni-ID's sales and marketing efforts, increase manufacturing capacity and speed penetration into the Asian market. "Given the state of the economy and current period of slowed investment in RFID, the Omni-ID Series C funding announcement and its sizeable amount are significant milestones for the Company and the RFID market," stated Michael Liard, RFID Practice Director at ABI Research.
The funding follows a strong year of growth for Omni-ID that underscores the demand for the company's breakthrough RFID technology. During 2008, Omni-ID expanded its executive team, added to its existing product line with the launch of Omni-ID Prox and announcement of Omni-ID On Demand, as well as unveiled the Omni-ID Service Bureau. The company is focused on enabling new applications of RFID technology and has seen many large deployments of its products, especially in tracking high-value IT assets and data center applications. Because Omni-ID's tags function on and off-metal, they are uniquely capable of meeting the challenges presented in a datacenter environment where metal is prevalent.
Tom Pavela, President and CEO of Omni-ID, said, "As we move into 2009, we will leverage this round of funding to continue meeting our customers' needs, while expanding our presence into new markets such as Asia."
With this infusion of funding, Omni-ID will be able to continue the commitment to bring innovative solutions to market that meet specific customer needs. In addition, the company will ensure that the manufacturing capabilities are in place to meet the surging demand for Omni-ID's RFID solutions, claimed a press release.
