$1.2M in venture capital for RFID startup Tego
September 3rd, 2009
Mass High Tech: Tego Inc., a maker of smart radio frequency identification (RFID) chips, has landed $1.16 million in a planned $3 million second round of venture capital funding from returning and unnamed new investors, according to regulatory documents.
The Waltham-based startup makes an RFID tag that is able to hold information in a small amount of memory, similar to a powered active RFID tag but requires no battery power and therefore can be made as small as an unpowered passive tag. Tego says its batteryless RFID tags are capable of holding up to 32 kilobytes of memory for up to 20 years without an additional power source.
Timothy Butler, CEO of Tego, said that the new funds, which he characterized as a bridge round to a possible Series B financing, will be used to launch the company’s first product into the marketplace. And more money should be forthcoming in this Bridge, he said.
“We are expecting additional add-on rounds in the near future as well,” Butler said. “We’ve been very careful and very frugal with our money up to now. We are not sure if we need a B round, but we are positioning ourselves to meet those needs.”
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