Hi-G-Tek seeks $15m investment
Hi-G-Tek Inc., headquartered in Rockville, MD, is a developer of an innovative active-RFID platform for the real-time monitoring and control of critical physical assets. This system offers mission-critical features for key markets including homeland security, transportation, fuel distribution and military.
The company's patented "sensing" technology not only detects where an asset is but also its status or condition at anytime providing an unparalleled level of real-time security irrespective of whether an asset is stationary or in transit, indoors or outdoors.
The company is looking to raise an additional $15m to fund its continued expansion and for new product development. The company is actively seeking outside investors and is being advised by Silicon Valley Bank on the transaction.
The company was founded in Israel in 1999 to develop low-power, advanced micro-electronic products for bio-medical and military applications. Recently the company has concentrated on developing active-RFID applications for government and commercial transportation logistics.
In September 2006, Hi-G-Tek completed a $10m Series A funding led by L Capital Partners with participation from Battelle Ventures, L.P., and its affiliate, Innovation Valley Partners. The investment enabled Hi-G-Tek to establish its corporate headquarters in Rockville, MD and to expand into the US market. Venture Business Research www.vbresearch.com
