RFID technology business wins £720k funding
PervasID, a spin-out from the University of Cambridge Engineering Department, has secured £720k investment to progress its RFID reader technology.
The university’s commercial arm Cambridge Enterprise, the University of Cambridge Enterprise Fund IV, managed by Parkwalk, and Cambridge Innovation Capital have, together with a private investor, backed the round.
PervasID was founded in 2011 by Dr Sabesan Sithamparanathan, Dr Michael Crisp, Professor Ian White and Professor Richard Penty.
The company, based at St John’s Innovation Centre, has developed a passive UHF RFID reader technology that enables highly reliable reading of standard, off-the-shelf passive UHF RFID tags.
The technology can also provide location information for the tags within a wide area read zone. PervasID’s technology achieves almost 100 per cent detection over areas of up to 400 square metres and can scale up to much larger areas such as shops and warehouses.
The company already has significant engagement with customers in several sectors, including retail, security and logistics.
A study published by IDTechEx predicted that the RFID reader market would grow from $2.5 billion in 2015 to $7.5bn in 2020.
CEO Sithamparanathan Sabesan said: “We are thrilled to have successfully closed the funding round. Cambridge Enterprise, Cambridge Innovation Capital and our private investor bring not only funding, but also complementary skills and expertise. This will enable us to take the business to the next level and to deliver on short term sales opportunities.”
Victor Christou, CEO of Cambridge Innovation Capital added “Low cost, long distance sensing of passive RFID tags has long been an unmet need in the retail and logistics industries.
“PervasID addresses this need and represents another fundamental technology game-changer emerging from the University of Cambridge.”