PervasID Raises £3.25m for Expansion of Innovative RFID Technology
Deal News | Nov 22, 2024 | Business Cloud
PervasID, a spinout from Cambridge University, has successfully raised £3.25 million to foster the advancement and global adoption of its cutting-edge RFID technology, notable for its high accuracy and remote tracking abilities. Parkwalk Advisors led the funding round, and the investment included contributions from Maven-managed regional funds such as the Finance Durham Fund and NPIF II Maven Equity Finance. This economic backing will support the global roll-out of the Trackmaster 2X device, which boasts proximity-based detection and AI integration for enhanced tracking via passive RFID tags. The company's clientele includes major global players in the retail, aerospace, and health sectors, underpinning its burgeoning market influence. CEO Peter Oram and Parkwalk's Moray Wright have voiced great expectations for leveraging this investment to accelerate company growth, made possible by the successful Cambridge University innovation ecosystem.
Sectors
- Technology
- Retail
- Finance
Geography
- United Kingdom – PervasID is a Cambridge University spinout operating out of the UK, predominantly focusing on bringing innovations like RFID technology to the global market.
Industry
- Technology – The article revolves around PervasID, a company advancing in the RFID technology sector, turning innovation into commercially viable solutions for inventory tracking.
- Retail – PervasID's RFID tracking solutions are being utilized by global retailers for efficient inventory tracking, highlighting its significant role in this sector.
- Finance – The significant investment led by Parkwalk Advisors and Maven regional funds to support PervasID's technological expansion plays a crucial role in the financial sector.
Financials
- £3.25 million – Amount of funding raised by PervasID in the recent funding round to enhance its RFID technology expansion.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PervasID | Target Company | Company | A Cambridge University spinout specializing in RFID technology, aiming to expand its global reach with recent investments. |
| Parkwalk Advisors | Lead Investor | Company | UK's largest investor in university spinouts, leading the recent investment round for PervasID. |
| Maven | Investor | Company | Managed regional funds such as NPIF II Maven Equity Finance and Finance Durham Fund, participating in the investment in PervasID. |
| Finance Durham Fund | Investor | Company | A fund established by Durham County Council and overseen by Business Durham, contributing to regional economic growth. |
| NPIF II Maven Equity Finance | Investor | Company | Part of the Northern Powerhouse Investment Fund II, supported by the British Business Bank, investing in regional businesses. |
| Peter Oram | CEO | Person | CEO of PervasID, focusing on scaling the company and leveraging new investments for expansion. |
| Moray Wright | Chief Executive | Person | Chief Executive at Parkwalk Advisors, expressing strong support for PervasID's investment and growth strategies. |
| Rebecca MacDermid | Investment Manager | Person | Investment Manager at Maven, involved in the funding and strategic planning with PervasID. |