February 02, 2006
Cisco and MIT funding ThingMagic RFid startup
Cisco Systems and MIT’s Media Laboratories have funded ThingMagic which is a privately held RFid products specialist. ThingMagic did not reveal the amount invested individually but stated that the total investment was $ 6 million which also included a line of credit from Silicon Valley Bank. It has already raised $ 15 million since July 2005 and its total investment through three rounds has touched to $ 21 million. By making this investment Cisco has realized the importance of RFid in maintaining and understanding the flow of supply chain. ThingMagic has been working with Cisco to ensure that their systems integrate into the corporate network and it believes that Cisco’s investment is a good fit.
via [RFidblog]
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