Omni-ID raises £10m in venture funding

Michael Summers, managing partner of Cody Gate Ventures, said, “For years, industry pundits have been espousing the potential of RFID technology without delivering real-world results. Omni-ID is finally delivering on the promise of RFID. The long-term prospects for the company are bright and this is exactly the value we saw and the reason for our investment in Omni-ID. We fully anticipate that Omni-ID will continue to make waves in the industry.”

During 2008, Omni-ID expanded its executive team, and also added to its existing product line.

Tom Pavela, president and CEO of Omni-ID, added, “Cody Gate Ventures’ investment in this challenging economy is a strong vote of confidence in Omni-ID’s roadmap. Demand is very strong and increasing for Omni-ID’s disruptive technology. As we move into 2009, we will leverage this round of funding to continue meeting our customers’ needs, while expanding our presence into new markets such as Asia. We are confident that this year will continue the upward growth of our company.”

Following expansion and increased product offerings in 2008, Omni-ID sought this round of funding to ensure it was able to meet its increasing order volume.

Omni-ID’s technology solutions can be applied to asset tracking, logistics and supply chain management.

Cody Gate Ventures is a UK firm that focuses on disruptive, government-funded technologies. Sectors the firm has invested in include mobile infrastructure, government security, internet infrastructure and services, retail, renewable energy, oil and gas, medical devices, drug delivery and nanotechnology.

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