Impinj has raised an additional $21 million in venture capital financing, money that president and CEO William T. Colleran said will allow it to better serve customers “in the dynamic RFID market.” The Seattle company simultaneously withdrew its IPO filing with the SEC, cutting short plans to go public. Impinj had first filed to go public in April 2011, but the choppy markets made it tough for the tech company to make it out.
Investors in the latest venture round include existing investors AllianceBernstein, ARCH Venture Partners, GF Private Equity Group, Intel Corporation, Madrona Venture Group, Mobius Venture Capital and Polaris Venture Partners. Later next month, Impinj said it plans to raise an additional $3 million from other investors. Colleran, a former Broadcom exec, said the new funding puts Impinj in an excellent cash position.
“We will continue to aggressively drive all aspects of our business to extend our technical and market leadership,” he said. Impinj’s RFID tags are used by companies such as Walmart and Banana Republic for apparel inventory management and by Coca-Cola for product authentication in beverage dispensers. A number of governments also have mandated that RFID tags like the ones produced by Impinj be used in automobiles, pharmaceuticals and liquor.
The canceling of the IPO means that no Washington state technology companies have active documents on file with the SEC to go public.
Impinj, which has yet to turn a profit and posted an accumulated deficit of $155 million as of March 31, 2011, had revenues of $12.2 million for the first quarter last year. The 130-person company has raised $135 million since it was founded in 2000.
It filed to raise up to $100 million in the IPO in April 2011. The IPO filing occurred during the same week that Zillow filed to go public, the last Seattle area tech company to successfully make the jump into the public markets.
Impinj isn’t ruling out another stab at the IPO markets, saying it may plan to use the “streamlined process of the recently enacted JOBS Act.” That’s also the route that Trulia, the online real estate company, is reportedly taking on its path to the public markets.
As part of the JOBS Act, companies with less than $1 billion in revenue do not have to publicly disclose their IPO filings.