Campbell, Calif. – July 10, 2006 – G2 Microsystems Inc., a developer of integrated circuits for the asset tracking and telemetry markets, today announced the closing of a $14 million Series B equity funding. The funding was led by previous investor Siemens Venture Capital and was oversubscribed. Existing investors, Deutsche Bank Capital Partners, Starfish Ventures, and UPS Strategic Enterprise Fund, and angel investors also participated in this second-round funding. The new investment will be used to ramp up production while extending G2 Microsystems' product line for asset tracking and monitoring in the healthcare, automotive, transportation, government, biopharmaceutical, oil, gas, and chemical industries.
"Having the participation of all previous investors in our Series B funding is recognition of the company's ability to execute its strategy and deliver a well-defined product," said John Gloekler, Chief Executive Officer and President of G2 Microsystems. "In addition to their financial contribution, these investors have provided us with excellent financial and market guidance, enabling us to deliver our first product and secure a solid strategic customer base."
Prior to this second-round funding, G2 Microsystems raised over $8 million, which enabled them to develop and market the industry's first Wi-Fi™ active RFID System-on-a-Chip (SoC). The ultra low-power SoC also supports the ISO 24730-2 emerging standard and EPC, allowing customers to meet their location accuracy requirements both indoors and outdoors. G2 Microsystems' SoC is currently being incorporated into leading real-time location system (RTLS) solutions including those from Ekahau, a provider of Wi-Fi-based RTLS solutions, and PanGo Networks, a provider of asset tracking applications and the PanOS® Location Management Platform.
"The successful execution and marketing of G2 Microsystems first SoC has proven to us that they have an excellent engineering and management team," said Todd Jaquez-Fissori, Investment Partner, Corporate Fund, Siemens Venture Capital. "We are excited to be the lead investor in G2 Microsystems second-round funding and believe this additional investment will help position them for success in this new exciting multi-billion dollar market."
Real-time location systems (RTLS) are used to locate, track and monitor assets both inside and outside facilities. An important element of the RTLS is the tag, which is attached to the asset (inventory, people, or equipment) or process being monitored. Location technology that leverages existing wireless networks such as Wi-Fi can significantly reduce the total cost of ownership of RTLS solutions used in healthcare, automotive, transportation, government, biopharmaceutical, oil, gas, and chemical industries
G2 Microsystems designs and markets a variety of ultra-low power Wi-Fi solutions. G2 Microsystems leverages its low-power expertise to deliver System-on-Chip (SoC) Wi-Fi ICs for a range of battery-powered applications including consumer electronic devices, real-time locating systems, and wireless sensing.
G2 Microsystems is privately-held and has headquarters in the U.S. and research and development teams in Australia. Major investors in the company include Siemens Venture Capital, UPS Strategic Enterprise Fund, Starfish Ventures and Accede Capital. G2 Microsystems can be contacted at their US corporate headquarters in Campbell, Calif. at +1 408.626.4812 or at g2microsystems.com.
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