An award-winning pioneer of radio frequency identification (RFID) technology has successfully closed a £1.6 million funding round with support from Innovate UK.
PervasID, founded in 2011 by Dr Sabesan Sithamparanathan, Dr Michael Crisp, Professor Ian White, and Professor Richard Penty, operates from St John’s Innovation Centre. The company has developed a passive RFID technology that enables highly reliable reading of standard passive RFID tags. This latest funding round saw contributions from Cambridge Enterprise, Parkwalk, Cambridge Innovation Capital, and Martlet.
The additional funds will be utilised to grow the company’s delivery team, expand its reach into various sectors such as healthcare, retail, and industrial, and provide essential innovation for its products. Co-founder and CEO, Dr Sabesan Sithamparanathan, expressed pride in the investment from local investors, particularly due to the technology’s roots at the University of Cambridge. He stated, “Along with the Innovate UK grant, this funding will help us expand our team and therefore our expertise, which will allow us to continue to innovate our product offering in the future.”
Since receiving its first round of funding in 2016, PervasID has significantly expanded its product offerings and garnered over 30 corporate customers who utilise its patented technology. This technology achieves almost 100 per cent detection and provides location information within a wide area read zone. It is scalable to service larger areas, such as shops and warehouses, thereby improving stock visibility and integrating with existing alarm systems to alert of theft.
Dr Elaine Loukes, investment director at Cambridge Enterprise, highlighted their continued support for the company. She commented, “With its expanded range of products and market applications, many customers are recognising the benefits of the PervasID technology.”
The successful closure of this funding round marks a significant milestone for PervasID, enhancing its capacity for innovation and expansion into new markets.