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Inside the Impinj headquarters.
Inside the Impinj headquarters.

Impinj, the Seattle-based RFID technology company, plans to raise up to $60 million in an initial public offering, according to a filing with the Securities and Exchange Commission.

Impinj Logo Gray Red (PNG) 600pxIn financial statements filed in conjunction with the IPO, the company reports $78.5 million in revenue for 2015, with net income of $900,000. That’s up from revenue of $63.8 million in 2014, on a profit of $297,000. In the first quarter of this year, the company posted revenue of $21.6 million, and a loss of $2.3 million.

The IPO filing comes amid a difficult market for technology IPOs, with no Internet or technology companies going public during the first quarter of this year. Things are especially rough in Washington state, where there has only been one tech-oriented IPO in the past 17 months — PhaseRx went public last month. Juno Therapeutics and Alder Biopharmaceuticals IPO’d in 2014.

Impinj, founded in 2000 by Carver Mead and Chris Diorio, was an early player in RFID technology, which uses radio frequencies to track tagged items. The RFID market took longer than the company expected to come to fruition, but Impinj has been able to capitalize on growing use of the technology in recent years.

Impinj says it is the “only company selling a platform spanning endpoints, connectivity and software.”

“If you’ve purchased apparel from a major retailer like Macy’s or Zara, run a race like the New York City Marathon, enjoyed a drink from a Coca-Cola Freestyle soda fountain, hit a ball at Topgolf or checked bags at airports worldwide like Las Vegas McCarran then you’ve probably interacted with the Impinj Platform,” the company noted in its IPO filing. “Our platform enables wireless connectivity to billions of everyday items such as apparel, race bibs, golf balls and luggage tags and delivers each item’s unique identity, location and authenticity to enterprise and consumer applications.”

Impinj has raised more than $110 million in funding during its history, from investors including Intel Capital, Arch Venture Partners, Madrona Venture Group and others. The company’s largest shareholders include Arch Venture Partners (10.7 percent); Polaris Venture Partners (9.9 percent); Madrona Venture Group (9.4 percent); Mobius Venture Capital (9.2 percent); and Intel (8.1 percent).

Impinj’s board of directors includes Diorio; Peter van Oppen, who chairs the board; Tom Alberg; Clinton Bybee; Gregory Sessler; and Theresa Wise.

Impinj filed for a $100 million IPO in 2011, but ultimately withdrew those plans.

The company had 208 employees as of March, according to its IPO filing. The filing also reveals that Impinj first became profitable in 2013.

Here’s a look at Impinj’s financials:

impinjdata1

Editor’s note: This story was updated to reflect PhaseRx’s IPO in May. 

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