ThingMagic Enters Strategic Partnership with In-Q-TelNovember 19, 2008
Under the strategic investment and technology development agreement with In-Q-Tel, ThingMagic will provide innovative RFID technology to the U.S. intelligence community.
CAMBRIDGE, MA--(BUSINESS WIRE)--ThingMagic, Inc., a leading developer of radio frequency identification (RFID) technology, announced a strategic investment and technology development agreement with In-Q-Tel, the independent strategic investment firm that identifies innovative technology solutions to support the mission of the broader U.S. intelligence community. Through this strategic partnership, ThingMagic will expand the development of its RFID reader and sensor technology to facilitate the integration of RFID and sensors into a wider range of applications.
ThingMagic specializes in the development of RFID readers, sensors, and embedded RFID technologies including fixed and embedded RFID readers, embedded and OEM RFID technology, as well as professional services that facilitate the integration of RFID into a wide range of government, industrial and consumer applications. ThingMagic's customers include some of the world's largest retailers, consumer companies, automotive firms, manufacturers, and industrial automation firms.
"ThingMagic is a critical addition to our portfolio of wireless technologies," said Ben Levitan, Partner at In-Q-Tel. "We review thousands of innovative business plans but invest in only those few that address the most difficult technology challenges faced by both commercial enterprises and the national security community. ThingMagic's innovative RFID technology and research on wireless sensors offers great promise for both the private and public sectors."
"This strategic investment from In-Q-Tel reflects ThingMagic's innovation in RFID and will enable us to continue to expand and customize ThingMagic's RFID reader platform and product form factors," said Tom Grant, Chairman and CEO of ThingMagic, Inc. "We expect this strategic partnership will enable the use of RFID and sensors in new and even more innovative public and private sector asset tracking, supply chain, inventory control and loss prevention applications."
In-Q-Tel conducted a thorough evaluation before selecting ThingMagic's technology and based its investments on a three-pronged evaluation process. This includes rigorous vetting for technical excellence, examination of the financial and venture value of the investment, and the quality of the match between the commercial solution and the broadly described problem set of the U.S. Intelligence Community.
In-Q-Tel is the strategic, not-for-profit investment firm that works to identify, adapt, and deliver innovative technology solutions to support the mission of the U.S. intelligence community. Launched by the CIA in 1999 as a private, independent organization, In-Q-Tel's mission is to identify and partner with companies developing cutting-edge technologies that serve the national security interests of the United States. Working from an evolving strategic blueprint defining the Intelligence Community's critical technology needs, In-Q-Tel engages with entrepreneurs, growth companies, researchers, and investors to deliver technologies that provide superior capabilities for the CIA and the larger intelligence community. In-Q-Tel concentrates on several broad commercial technology areas, including application software and analytics; bio, chemical, and nanotechnology; communications and infrastructure; digital identity and security; and embedded systems and power. To date, In-Q-Tel has engaged with more than 125 companies and delivered more than 140 technology solutions to the intelligence community.
ThingMagic is a leading developer of radio frequency identification (RFID) technology, with broad experience in applying RFID in a wide range of industrial and consumer applications. ThingMagic's customers include some of the world's largest retailers, consumer companies, automotive firms, manufacturers and industrial automation firms. ThingMagic products include fixed and embedded RFID readers and antennas, embedded and OEM RFID technology, and professional services to facilitate the OEM integration of RFID into a wide range of industrial and consumer products. ThingMagic is "The Engine in RFID."
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