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Category:
Press » Finances
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AeroScout Secures $21 Million in Funding to Extend Market Leadership
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Popularity: 
Views: 1965
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2007-03-03 05:55:31
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AeroScout, Inc.
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AeroScout, Inc., the leading provider of Wi-Fi-based Active RFID solutions, today announced it has secured $21 million in Series C funding led by Menlo Ventures. Both Menlo Ventures and Greylock Partners have joined the AeroScout investor syndicate in this round, and existing investors Star Ventures, Pitango, Cisco Systems and Intel Capital also participated.
AeroScout will use the funding to cement its leadership position, expanding its sales and marketing function in order to capitalize on its success within the key sectors of healthcare, manufacturing and logistics. It will also utilize the funds to expand its presence in growing international markets. In addition, the funds will support product development, continuing the company's track record for innovation.
Yuval Bar-Gil, CEO at AeroScout, commented: "We are delighted to gain the support of top tier investors such as Menlo Ventures and Greylock Partners. The Active RFID market continues to meet and exceed growth expectations, and AeroScout's established success and unique solutions make us well positioned to capitalize on this opportunity."
Headquartered in San Mateo, CA, AeroScout develops complete Wi-Fi-based Active RFID solutions which enable companies in the healthcare, manufacturing and logistics industries to improve business processes through accurate, real- time asset tracking. With offices worldwide, AeroScout has more than 200 customers in North America, Europe, the Middle East, Asia, Australia and Latin America, including several Fortune 100 manufacturers and over 25 of the world's leading hospitals. The company sells through a channel of partners, including many of the world's leading technology providers.
"AeroScout has demonstrated proven success in several industries by aggressively pursuing a Wi-Fi-based approach to asset tracking, and building a world-class ecosystem of industry leading technology providers and partners to bring its products to market," said Douglas Carlisle, Menlo Ventures. "This approach, combined with the strength of its market-leading solutions, convinced us of the long-term value of our investment."
Yoram Snir at Greylock Partners also commented: "The Active RFID and RTLS sectors have shown tremendous growth due to their proven benefits for customers, and AeroScout is perfectly positioned to take advantage of this important market."
About AeroScout
AeroScout is the leader in Active RFID asset tracking and location solutions over standard Wi-Fi networks. Its enterprise visibility solutions accurately locate and monitor assets and people in both indoor and outdoor environments to improve business processes. The company has over 200 customers in the healthcare, manufacturing and logistics industries, including Boeing and more than 25 of the world's leading hospitals. Founded in 2000, AeroScout is headquartered in San Mateo with offices in Europe and Asia. For more information, please visit http://www.aeroscout.com.
About Menlo Ventures
Menlo Ventures provides long-term capital and management support to early- stage and emerging-growth companies. Menlo Ventures are one of Silicon Valley's oldest venture capital partnerships, and have organized and managed nine venture funds since their inception in 1976. Menlo Ventures have over $3.9 billion under management, and a team with over one hundred years of collective experience in technology, marketing, sales and general management.
About Greylock Partners
Greylock Partners is a private venture capital firm, founded in 1965, with committed capital of over $2 billion under management. For over 41 years Greylock have provided equity capital and support to over 300 growth companies, many of which have gone on to become leaders in their respective industries. Of these companies, over 125 have become publicly held, while over 100 others have merged successfully with other leading companies.
AeroScout is a registered trademark of AeroScout, Inc. Wi-Fi is a trademark of the Wi-Fi Alliance. All other trademarks are the property of their respective owners. Information is subject to change without notice.
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Aeroscout Secures
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Funding
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Extend Market Leadership
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http://www.aeroscout.com
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