Friday, November 21, 2008

ThingMagic, In-Q-Tel team up on investment and development

By Mass High Tech Staff

ThingMagic Inc., a radio frequency technology maker in Cambridge, has announced its investment and technology development agreement with In-Q-Tel, the CIA’s venture arm. The deal will enable ThingMagic to develop further its RFID reader and sensor technology for industrial, government and consumer applications.

The amount of the investment was not disclosed.

ThingMagic chairman and CEO Tom Grant said in a statement that the funding will help the company “expand and customize ThingMagic’s RFID reader platform and product form factors.”

In July, ThingMagic closed a $9.5 million round of funding, with investment from Hale Ventures LLC in Cambridge, Argentina-based The Exxel Group and Cisco Systems Inc.

Founded in 2000, ThingMagic has brought in more than $30 million in private funding.

Founded in 1999, Virginia-based In-Q-Tel is a nonprofit agency that invests in companies specializing in technologies that include communications systems and nanotechnology for use by U.S. intelligence agencies, such as the U.S. Central Intelligence Agency. In-Q-Tel also has an office in Boston and has invested in Cambridge-based BBN Technologies Corp., among others.