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Tego Inc., a maker of smart radio frequency identification (RFID) chips, has landed $1.16 million in a planned $3 million second round of venture capital funding from returning and unnamed new investors, according to regulatory documents.
The Waltham-based startup makes an RFID tag that is able to hold information in a small amount of memory, similar to a powered active RFID tag but requires no battery power and therefore can be made as small as an unpowered passive tag. Tego says its batteryless RFID tags are capable of holding up to 32 kilobytes of memory for up to 20 years without an additional power source.
Timothy Butler, CEO of Tego, said that the new funds, which he characterized as a bridge round to a possible Series B financing, will be used to launch the company’s first product into the marketplace. And more money should be forthcoming in this Bridge, he said.
“We are expecting additional add-on rounds in the near future as well,” Butler said. “We’ve been very careful and very frugal with our money up to now. We are not sure if we need a B round, but we are positioning ourselves to meet those needs.”
Butler said that the RFID tags would be manufactured for Tego in Israel, and he already has some buyers on the hook.
“We do have a couple of customers but we don’t have ones that we can talk about yet,” he said.
In 2007, Tego raised $6 million in funding led by Bainco International Investors along with other investors. In a Mass High Tech story in February 2009 officials said they were expecting to raise a new round in the near future.
Timothy Butler, CEO of Tego, has said that aircraft manufacturers and the Department of Defense have expressed interest in the company’s reprogrammable RFID tags. Other markets the company is pursuing include medical equipment and retail tags, where price markdowns on things like clothing could be tracked on the tag itself.
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