T3Ci Well Positioned For Growth With $8.75 Million Series B Investment Round
T3Ci, the leading RFID analytics and applications company, today announced that it has closed an $8.75 million Series B investment round. The investment is being led by Bessemer Venture Partners (BVP), and includes follow-on investments from Venrock Associates, Red Rock Ventures, SAP Ventures and a company founder.
"Bessemer Venture Partners looked at more than 75 RFID-related companies and T3Ci quickly emerged as the most compelling investment choice," said Byron Deeter, Principal, Bessemer Venture Partners. "We were very impressed with the company's technology, development team, and customer relationships, especially the strategic joint development agreement with P&G. We discovered that T3Ci's products are a great fit for the market's rapidly evolving needs for RFID technology. We look forward to helping the company fulfill its potential."
"The management team is very excited about BVP's investment in T3Ci," said Jon Golovin, CEO T3Ci. "Both Byron and BVP bring proven track records and we are impressed by their deep knowledge of our space. The Series B investment will allow us to continue to invest heavily in our high-value analytics and applications, expanding our business and continuing to assure customer satisfaction. Our business is growing as companies seek a return from their RFID investments and T3Ci has been rapidly signing up new clients as a result."
"T3Ci has yet to spend most of the funds from our $9.4 million Series A and our cash flow is improving with growing revenues. Hence the company was not looking to raise more money at this time," noted Peter Rieman, Executive Vice President of T3Ci. "However, the addition of BVP, and Byron especially, was too good to pass up. T3Ci is now well positioned for growth in the RFID analytics and applications business with market traction, a deep financial war chest and an add-on investor with a strong track record." As part of the transaction, Byron Deeter will join the T3Ci board.
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) is the oldest venture capital practice in the United States. With offices in Silicon Valley, Boston, New York, Shanghai, Mumbai, and Bangalore, the firm manages more than a billion dollars of venture funds, carrying on a tradition of hands-on, active venture investing that has continued since 1911. Over 100 Bessemer companies have gone public, including American Superconductor, Ciena, Gartner Group, Ingersoll Rand, International Paper, Maxim, Parametric, Perseptive Biosystems, Staples, VeriSign, Veritas and W.R. Grace. For more information please visit the web site at www.bvp.com.
About Venrock
Venrock Associates was founded as the venture arm of the Rockefeller Family and continues a tradition of funding entrepreneurs that now spans over six decades. Laurence S. Rockefeller pioneered early stage venture financing in the 1930s. As one of the most experienced venture firms in the United States, Venrock maintains a tradition of collaboration with talented entrepreneurs to establish successful, enduring companies. During its history Venrock has made over 300 investments in portfolio companies that have achieved an aggregate market capitalization of $1.2 trillion, combined annual revenues of $150 Billion, and employees totaling over 7873,000. For more information, please visit the web site at www.venrock.com.
About Red Rock
Red Rock Ventures is a Palo Alto, California-based venture capital investment partnership specializing in seed and early-stage information technology investments. The general partners, Robert Todd, Curtis (Kip) Myers, Peter Dumanian, Laura Brege and Bob Marsh have extensive backgrounds as operating managers, entrepreneurs, founders and venture capital investors. Their record in successfully founding and/or financing high-technology companies has created substantial market value and investor returns for the past 20 years. Red Rock currently manages $220 million in committed capital. For more information, please visit the web site at www.redrockventures.com.
About SAP Ventures
Since 1996, SAP Ventures has been investing in companies that offer new technologies and applications. We leverage our years of experience and draw upon a network of powerful business relationships to help entrepreneurs and management teams recruit the best people, make the right technology decisions, win new business, and build their own partner networks. The goal of SAP Ventures is to grow businesses that create shareholder value for everyone involved.
Backed by the resources of SAP, the World's largest inter-enterprise company and staffed by a team of experienced professionals, SAP Ventures is a proven syndicate partner for venture-backed technology companies. For more information, please visit www.sapventures.com.
About T3Ci
T3Ci, the leading RFID analytics and applications company, develops and markets software and subscription services for leaders of RFID initiatives at major retail suppliers, major retailers and pharmaceutical companies who are responsible for delivering business value from their company's RFID investment. T3Ci's enterprise-class solutions are based upon its understanding of EPC data and include: RFID data analysis services and software, deductions management and authentication/ e-pedigree, all designed to add RFID value. To date, T3Ci has more experience in analyzing and gaining business value from retailer EPC data than any other company. The company received AMR Research's 2005 Innovation Award as the most innovative software and services company in America under $10 million. T3Ci's RFID customers include P&G, Gillette, Unilever and HP among many other leading companies. For more information please visit www.t3ci.com.