SkyeTek Closes $8MM Series B Financing

Boulder, CO -- SkyeTek, Inc. announced the close of its Series B financing, led by existing investor Appian Ventures and new investors Palomar Ventures and Sequel Venture Partners. Proceeds from the round will fund further research and development of its flagship ReaderWare suite.

ReaderWare is an open-architected software suite that unlocks the traditionally black-box nature of RFID reader hardware. ReaderWare is available for both HF and UHF reader designs, including the SkyeTek M8 UHF reader module and its M1 series of HF reader modules. ReaderWare enables SkyeTek to work with OEM customers across all the stages of embedding RFID reader functionality, from the developer kit, through modules, to an integrated reference design and software license.

"By creating a modular and horizontal platform that mitigates the cost and complexity of RFID reader hardware, SkyeTek and ReaderWare are a disruptive model for enabling the application of RFID technology to a far more varied set of vertical markets and customer problems," said Brian Garrett, a principal with Palomar Ventures and newly appointed director at SkyeTek.

"SkyeTek is a revenue-stage company with a proven CEO at the helm and a true RFID visionary driving research and development," said Tom Washing, Partner at Sequel Venture Partners and newly appointed director at SkyeTek. "SkyeTek has made impressive progress to date in terms of customer wins and product development and this round will help them expand their opportunity and accelerate their efforts."

"The attention and much of the investment going into RFID has focused on the retail and military supply chains where RFID is leveraged similar to barcodes," said Mike Liard, RFID Practice Director, Venture Development Corporation. "While the supply chain opportunity is significant and interesting, the industry should also be looking beyond it to identify additional areas of growth. For instance, RFID is expected to expand into a wide range of embedded applications and environments where users consider low power, ease of integration, and the customizability of horizontal reader technologies to be critical."

"The closure of this financing represents both an acknowledgement of SkyeTek's current leadership position, which was achieved with limited financial resources, as well as a confirmation of our future potential", said Rob Balgley, CEO of SkyeTek.

SOURCE: SkyeTek, Inc.