NEWS & EVENTS
Reva Systems Closes $5 Million Funding, Appoints New CEO
Reporting 43% Growth Last Year, Reva Forecasts Expanding Demand for RFID in 2009
Reva’s $5 million round was led by existing investors North Bridge Venture Partners and Charles River Ventures, both original backers since the company’s founding in 2004. The funds will be primarily used to expand Reva’s worldwide network of resellers and solution partners and drive new product offerings based upon its proven TAP technology. While companies around the globe are experiencing tough business conditions, Reva continues to see strong adoption and expanding use cases from existing and new customers for its UHF RFID solutions in 2009.
Assuming responsibility from acting CEO and co-founder Ashley Stephenson, Bruce Berger joins Reva as the company’s new CEO. “It is great to see a start-up company’s first product achieve recognized success, as Reva’s TAP Appliance has done,” Berger said. “We have the potential to build a truly successful global company from this vantage point, and with new funding to pursue that course I am very excited to be joining the company at this time. Reva is well equipped to expand its role in the RFID marketplace with new solutions, services and expanded partnerships, and we look forward to announcing several new product offerings very shortly that will further accelerate our growth.”
Prior to joining Reva Systems, Berger served as President and CEO of Verrillon, Inc., a venture-backed specialty optical fiber company focused on applications in the oil and gas, military/avionics and industrial markets.
Reva Systems also announced a recent milestone with over 500 UHF RFID sites worldwide now using Reva’s TAP Appliance. The company has an installed base of customers in over 25 countries spanning the Americas, Europe and Asia.
“In the past 12 months, UHF RFID technology has matured to a standards-based, high-performance and cost-effective platform for a wide range of new track and trace applications,” said Reva co-founder Ashley Stephenson. “We see customers from many industries using the technology in innovative ways to improve both the top-line and bottom-line of their businesses, whether by driving additional revenues or improving efficiency.”
An expanding network of Auto-ID Resellers and Integrators are deploying production UHF RFID applications with Reva-based solutions. Stephenson noted that Reva presently supports RFID solutions in a diverse set of industry verticals, including Retail, Apparel, Logistics, CPG, Manufacturing, Aerospace, Food Processing, Healthcare, Airport Operations, Postal Operators, Consumer Electronics, and more.
About Reva Systems
Reva Systems develops RFID infrastructure products that enable customers to rapidly deploy scalable solutions in any environment. Reva’s standards-based Tag Acquisition Processor (TAP) products enhance the performance, manageability and accuracy of RFID systems while reducing implementation time and complexity. Reva products are delivered by a global network of partners and are deployed worldwide by enterprises using RFID to generate value in diverse industries. Reva was founded in 2004 and is headquartered in Chelmsford, Mass. For more information, visit www.revasystems.com.
Reva, Reva Systems, and Tag Acquisition Processor are registered trademarks of Reva Systems Corporation. All other trademarks or registered trademarks are the property of their respective owners.