PARIS Tagsys, developer of RFID (Radio Frequency Identification) systems, announced it has secured 8 million euros ($12 million) in a fourth round of financing, bringing the total venture capital raised to date to 71 million euros ($97.7 million).
The funds, Tagsys noted, will serve to further develop the company's distribution channels, help its partner secure new market opportunities and extend UHF and HF portfolio of solutions optimized for library, textile services, brand & fashion and healthcare sectors.
This fourth financing round included investors Elliot Advisors, Endeavour Vision, Add Partners, DFJ Esprit and Saffron Hill.
"2009 was a year of successes for TAGSYS. While increasing revenue, and closing major projects, we improved operational efficiency by 40 percent and established processes that assure our customers and partners superior levels of quality, delivery and solution reliability," stated Alain Fanet, CEO of Tagsys.
He continued: "The new funding will accelerate our partner network expansion and new market development, while reinforcing our strong competitive position by launching leading-edge solutions for item level applications."
In 2007, Tagsys raised $16 million in the second and final tranche of its $35 million Series C round of funding.
Founded in 1996 as a division of smart-card technology company Gemplus, Tagsys was spun out and sold to Axa Private Equity, Saffron Hill Ventures, and Endeavour Advisors in October 2001 as part of Gemplus' financial restructuring.
Tagsys is headquartered in La Penne sur Huveaune, in the South of France.