IT, deals, VC

Awarepoint Tracks Down $13.3M to Fuel Hospital RFID Business

Ryan McBride 11/25/08

Awarepoint says it has raised $13.3 million in a Series D round of financing from a trio of private equity investors—who are betting hospitals will continue to invest in RFID systems to track assets and limit spending on medical equipment.

San Diego-based Awarepoint provides software and hardware for real-time location systems (RTLS) in hospitals, factories, and other commercial settings. The company says its fourth round of venture financing will help it to meet demand both in the U.S. and abroad for its systems. Cardinal Partners led the round, which included investments from Venrock and previous backer Avalon Ventures. The financing has brought Brandon Hull, a managing partner at Cardinal, and Brian Ascher, a general partner at Venrock, seats on Awarepoint’s board of directors.

“In today’s uncertain economic environment, only the most extraordinary growth companies will be financed,” Cardinal’s Hull said in a statement. “(Awarepoint) has shown incredible growth in the last 18 months, and has the right technology, intellectual property and product focus to succeed.”

Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com, or follow him on Twitter at http://twitter.com/Ryan_McBride.