G2 Microsystems Inc., a developer of integrated circuits for the asset tracking and telemetry markets, Monday announced the closing of a $14 million Series B equity funding. The funding was led by previous investor Siemens Venture Capital while existing investors such as Deutsche Bank Capital Partners, Starfish Ventures, and UPS Strategic Enterprise Fund, and angel investors also participated in the second-round funding.
G2 Microsystems had previously raised over $8 million in funding which the company used to develop and market its Wi-Fi active RFID System-on-a-Chip (SoC). The ultra low-power SoC also supports the ISO 24730-2 emerging standard and EPC, allowing customers to meet their location accuracy requirements both indoors and outdoors. The company said that the SoC is currently being incorporated into an assortment of real-time location system (RTLS) systemss including those from Ekahau, a provider of Wi-Fi-based RTLS, and PanGo Networks, a provider of asset tracking applications and the PanOS Location Management Platform.
The new investment will be used to ramp up production while extending G2 Microsystems’ product line for asset tracking and monitoring in the healthcare, automotive, transportation, government, biopharmaceutical, oil, gas, and chemical industries.
As for healthcare, many hospitals already have or are installing Wi-Fi access points, and 802.11-based RTLS systems result in the lowest cost of ownership for them, a spokesperson for G2 Microsystems said. Concurrently, both PanGo Networks and Ekahau are selling 802.11-based asset tracking systems into the hospital market. When these companies transition to G2-based tags, the potential will be there for them to realize significantly increased battery life and lower tag costs over their existing systems. The high level of integration and ultra low-power design of G2-based tags will also open up new application opportunities such as tracking personnel and patients in the hospital setting, the spokesperson said.