August 8, 2004
Intelleflex Announces 'Series A'
Funding From Alloy Ventures, Selby Ventures and Woodside Fund
$11.3M Investment to Accelerate Development of
Long-Range, High-Reliability RFID Products
SAN JOSE, CA -- (MARKET WIRE) -- 08/10/2004 --
Intelleflex Corporation, a San Jose-based supplier of radio frequency
identification (RFID) products, announced today the closing of their
$11.3 million 'Series A' investment round. The round was co-led
by early-stage investment firms -- Alloy Ventures, Selby Ventures
and Woodside Fund.
"In a highly selective venture capital market, we are pleased
to announce this vote of confidence from leading investors in Silicon
Valley. The funds allow us to accelerate our product development
to keep up with customer demands for high-reliability RFID products.
We believe our combination of complying with global standards and
offering 'best-in-class' functionality presents a compelling proposition
to our customers as they tackle their current issues with RFID deployment,"
said Naresh Batra, CEO of Intelleflex.
Jim Marshall of Selby Ventures, who also seed financed the company,
commented that "Intelleflex's products will provide a clear
differentiation and a sustainable competitive advantage, both of
which are key investment criteria for Selby."
Intelleflex is led by a seasoned group of executives with successful
track records in large companies, startups, and solutions leadership
in the semiconductor market and RFID technologies. Rick Shriner,
partner at Woodside Fund, confirms the promise of RFID tags and
acknowledges that the strength of Intelleflex's management team
set it apart from emerging companies in its space. "Intelleflex
has an extremely agile and high-caliber team. Responding quickly
to evolving standards and changing customer needs is going to be
critical to achieve success. We have every confidence Intelleflex
is poised to do that," stated Shriner.
"Intelleflex presented an integrated vision for complete RFID
hardware solutions, which is a key requirement for mass deployment,"
remarked David Ezequelle of Alloy Ventures.
In conjunction with the investment, Jim Marshall, Rick Shriner,
and David Ezequelle have joined the Intelleflex Board of Directors.
Intelleflex is a Silicon Valley company focused on the next generation
of radio frequency identification (RFID) products and applications.
RFID enables real-time information to be remotely read by computer
systems, providing huge labor savings and improved accuracy. Intelleflex's
patent-pending technology provides global interoperability, high
reliability, omni-directional range, encrypted security, superior
longevity of battery life, and flexibility to integrate multiple
functions such as sensors, displays, and other customer-driven functionality.
About Alloy Ventures
Alloy Ventures is an early-stage venture capital firm, and is currently
investing out of their 8th fund -- a $300 million limited partnership
raised in April 2002. Each year, Alloy invests in a small number
of entrepreneurial ideas and young companies, and strives to guide
entrepreneurs in building successful companies by leveraging Alloy's
industry expertise, operating knowledge, and extensive contacts.
For more information, go to www.alloyventures.com.
About Selby Ventures
Selby Ventures is a Silicon Valley-based venture capital fund and
focuses on seed and early-stage companies developing disruptive,
next generation technologies in software and fabless components
for the information technology, communications and consumer sectors.
Formed in 1998 to bridge the gap between seed investors and later-stage
venture funds, Selby grows companies through hands-on involvement
and leveraging 150 years of combined operational experience. For
more information, go to www.selbyventures.com.
About Woodside Fund
Woodside Fund is a leading venture capital firm that excels in developing
seed- and early-stage technology companies. Founded in 1983, the
Fund attributes its long record of success to the high value it
places on building productive partnerships with entrepreneurs, other
investors and service providers. Typically a lead investor, Woodside
Fund invests from $5 million to $15 million in early-stage enterprise
software, fabless semiconductor and network infrastructure companies
located on the West Coast. Woodside Fund has more than $330 million
in capital under active management. For more information, go to
related questions or comments, please contact Matt Bolton at email@example.com
or phone 650.610.8050.