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Print Edition StoriesTuesday, April 14, 2009
RFID firm Reva lands $5M, names new CEO Bruce Berger
By Efrain Viscarolasaga
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Chelmsford-based radio frequency identification (RFID) technology developer Reva Systems Inc. has closed a new round of funding and named former Verrillon Inc. CEO Bruce Berger as the company’s new chief executive.
The $5 million funding round was led by existing investors North Bridge Venture Partners and Charles River Ventures, both of Waltham and both original investors in Reva Systems, which was founded in 2004. The funding will primarily be used to expand the company’s reseller and partner programs worldwide, according to a company statement. The new funding brings the company’s total to more than $35 million since its inception.
Berger, who previously served with North Grafton-based specialty optical fiber company Verrillon, will take over for Reva Systems co-founder and former CEO Ashley Stephenson, who will take the title of chairman.
Reva Systems makes the announcement after a successful year, reporting a 43 percent growth in revenue in 2008. The company also reported that it has installed more than 500 UHF RFID systems using the company’s TAP (Tag Acquisition Processor) Appliance, which provides a single management mechanism for disparate RFID readers, tags and environments across separate locations.
Strategic investors in the company include Cisco Systems Inc. and SAP Ventures. Reva Systems boasts offices in Japan and in Europe, and counts customers in an array of different vertical markets, including retail, logistics, manufacturing, aerospace, health care and consumer electronics.
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