ThingMagic Completes Series A Financing Of $10 Million

ThingMagic, Inc. (www.thingmagic.com), a leading developer of radio frequency identification (RFID), sensing and embedded computing technologies, today announced it has successfully raised a Series A funding round of $10 million. The funding will enable ThingMagic to step up technology development, while enabling new strategic and organizational growth.

The Exxel Group led the round, which also included Morningside Technology Ventures Ltd, Inventec Appliances and Top Line Growth Capital LLC. This select group of investors brings international exposure and additional strategic management experience to ThingMagic.

ThingMagic plans to use the funds for future development opportunities.

"Over the last five years we have remained profitable while establishing a leading position in the RFID reader market with no outside investment," said Kevin Ashton, Vice President Marketing with ThingMagic. "We will continue to fund our core business from revenue. We are very pleased to have the support of investor colleagues who will help us invent the future of RFID at ThingMagic.

ThingMagic's Mercury4 RFID reader platform, the only reader available that can read any RFID tag, is designed with a unique Software Defined Radio (SDR) architecture. This innovative architecture allows for easy and quick upgrades to new standards and protocols, including EPCglobal's Generation 2.

As a result, Mercury4 readers are able to easily accommodate any future Generation 2 variants and other new RFID standards, ensuring that customers will always have the latest RFID technology available, without the need to manually replace hardware. This SDR architecture also enables Mercury4 to support multiple frequencies, and regional regulatory variations.

About ThingMagic, Inc.
Founded in 2000 and based in Cambridge, MA, ThingMagic is a leading developer of radio frequency identification (RFID), sensing and embedding computing technologies. Mercury4, ThingMagic's fourth generation agile RFID reader, builds on and substantially enhances the company's original platform created for early field tests of the Electronic Product Code (EPC). Designed to meet the business needs of a future where networked objects are pervasive, the Mercury4 line of RFID readers also includes an embedded reader module, Mercury4e, and a handheld reader module, Mercury4h. Mercury4 RFID readers are the only intelligent, network-ready RFID readers, and the only devices that can claim to read any tag. For more information, see www.thingmagic.com.