RFID Firm Tagsys Raises $97.7 Million in Funding

Tagsys, a developer of RFID systems, secured US$12 million in a fourth round of financing, bringing the total venture capital raised to date to $97.7 million.

The funds, Tagsys noted, will serve to further develop the company's distribution channels, help its partner secure new market opportunities and extend UHF and HF portfolio of solutions optimized for library, textile services, brand and fashion, and health care sectors.

This fourth financing round included investors Elliot Advisors, Endeavour Vision, Add Partners, DFJ Esprit and Saffron Hill.

"2009 was a year of successes for Tagsys," said Alain Fanet, CEO of Tagsys. "While increasing revenue, and closing major projects, we improved operational efficiency by 40 percent and established processes that assure our customers and partners superior levels of quality, delivery and solution reliability."

"The new funding will accelerate our partner network expansion and new market development, while reinforcing our strong competitive position by launching leading-edge solutions for item-level applications," Fanet continued.

In 2007, Tagsys raised $16 million in the second and final tranche of its $35 million Series C round of funding.

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