Campbell, California-based G2 said it would use the new funds to ramp up production of its existing RFID chip and continue development to extend its product line.
In March, G2 launched its first product, an RFID chip for tags that can be read by WiFi access points. By doing away with a network of readers, the chip may give users as much as a 75% reduction in total cost of ownership, according to G2. In other words, companies don’t have to spend millions of dollars on pilot RFID projects using proprietary RFID infrastructure, but can use WiFi access points instead.
The chip also uses significantly less power than its peers. An RFID tag with a G2 C501 chip would last about five years at a 40-second report rate with two AA batteries. Current tags with the same configuration are only lasting a few months, said G2.
The latest injection of funds would mean G2 was well positioned in a new multi-billion market, said Siemens Venture Capital investment partner Jaquez-Fissori, in a statement,
Existing investors, Deutsche Bank Capital Partners, Starfish Ventures, and UPS Strategic Enterprise Fund, as well as angel investors, also participated in the latest round.
