RF Code draws VC, Intel backing
The eight-year-old company plans to spend the money on developing new products and growing its channel sales and support business. RF Code makes active RFID tags and readers, as well an RFID data-management architecture, which it sells to software makers. Mike Dierks, a director at Intel Capital, said RF Code's products enable companies to build supply chain and asset tracking systems that "offer compelling value." "RF Code's vision of 'hybrid RFID,' combining passive tags, active tags and sensor-based networks, is consistent with how Intel sees growth in this field," Dierks said. Asset management in healthcare and IT drive about half RF Code's revenues, said company chief executive Armando Viteri. The US Department of Defense accounts for roughly 30% of revenue and the supply-chain market drives about 20%, he said. The Mesa, Arizona-based company previously received "strategic" investment from Mitsui and Co Ltd, as well as private inventors, including Moshe Azoulay and Wood Hunt. The latest funding was its first institutional VC round, which also included previous investors. QuestMark Partners of Baltimore, Maryland led the recent round.