A Cambridge University spinout has raised £3.25 million to expand the adoption of its inventory tracking technology.
PervasID is described as a world leader in RFID (Radio Frequency Identification) tech. It has developed its own patent-protected RFID fixed readers, which offer accuracy over range to track passive RFID tags and are now the first in the market to offer remote tracking capabilities.
PervasID is now working with some of the world’s largest global retailers and businesses within the aerospace, health and manufacturing sectors to deliver real-time inventory location tracking across multi-country infrastructures.
The funding was led by Parkwalk Advisors, the UK’s largest investor in university spinouts, and investment from two Maven-managed regional funds: the Finance Durham Fund established by Durham County Council and overseen by Business Durham, and NPIF II Maven Equity Finance, part of the Northern Powerhouse Investment Fund II (“NPIF II”), supported by the British Business Bank..
The investment will also support the accelerated global roll out of the Trackmaster 2X device – claimed to deliver near 100% accuracy over an area of up to 240m² (2,600 ft²) as well as locate the item via AI – with the addition of new strategic hires.
PervasID was founded in 2011 by president Dr Sabesan Sithamparanathan OBE.
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“We are delighted to close out this first phase of our investment round with the support of Parkwalk and Maven,” said Peter Oram, CEO.
“Maven are joining us at what is a very exciting time in our journey as we head towards a new chapter. Having worked with Parkwalk for 6 years, it’s fantastic to carry on our strong relationship as we deliver on our ambitious plans.
“The growth we have seen in recent years is a testament to our market leading innovation and we can’t wait to use this investment to take the business to the next level.”
Moray Wright, chief executive at Parkwalk Advisors, added: ”We are excited to be supporting PervasID in their next phase of growth and innovation. With the rollout of Trackmaster 2x, the company is on a rapid growth trajectory and is a great example of the world-class innovation that is coming out of the Cambridge University ecosystem.”
Rebecca MacDermid, investment manager at Maven, said: “PervasID’s passive RFID tracking technology is world-leading in terms of accuracy over range, and we are excited to work with industry experts, Pete and Sabesan, as they navigate a business that is on the cusp of rapid growth, with some exciting customers lined up across a range of sectors.
“With the increased demand for RFID tracking solutions, the company is primed for expansion and we are delighted to be part of this journey.”