Impinj Files for $100M IPO
Seattle-based Impinj, a 10-year-old RFID tech firm founded by University of Washington professor Chris Diorio, filed registration papers for an initial public offering today. The company said it was seeking up to $100 million. Impinj’s numbers were a little up and down in the past few years: The company went from about $25 million in revenue in 2008 to about $21 million in 2009, before bouncing back to about $32 million last year. Impinj also isn’t profitable, showing a loss of about $11 million for 2010. The company, a survivor of the post dot-com hype around use of RFID for supply-chain tracking, is backed by a number of VC firms, including Madrona Venture Group, Samsung Ventures, and Unilever Technology Ventures. Underwriters for the IPO are listed as Morgan Stanley and J.P. Morgan, with Needham & Co., Pacific Crest Securities and Raymond James.