PervasID Secures £3.25 Million to Expand RFID Solutions
PervasID, an innovative technology firm based in Cambridge, UK, has recently secured £3.25 million in funding. This funding round was led by Parkwalk Advisors, with significant participation from other notable investors such as the Finance Durham Fund and NPIF II Maven Equity Finance. The successful capital raise demonstrates growing confidence in the company, particularly as it looks to strengthen its position in the competing field of RFID (radio frequency identification) technology, a sector that is witnessing increased demand across various industries.
The company plans to allocate the newly acquired funds towards the expansion of its customer base, especially in response to the surging demand from large-scale customers in both the retail and aerospace sectors.
By enhancing its software product offerings in data analytics, PervasID aims to create a more robust ecosystem that complements its existing hardware solutions. This strategic move is expected not only to solidify the company's market position but also to significantly improve the efficiency of inventory tracking and asset management processes for their clients.
Under the leadership of CEO Peter Oram, PervasID specializes in designing and supplying passive RFID fixed reader systems that streamline inventory tracking, stock taking, and overall asset management processes. Their patented products have proven to be beneficial for organizations across a wide array of sectors, as they provide crucial visibility into goods, assets, and personnel. Currently, the company collaborates with global retailers and businesses operating within the aerospace, healthcare, and manufacturing realms, delivering real-time inventory location tracking solutions that are effective across multi-country infrastructures.
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