Campbell, Calif. – July 10, 2006 – G2 Microsystems Inc., a developer of integrated circuits for the asset tracking and telemetry markets, today announced the closing of a $14 million Series B equity funding. The funding was led by previous investor Siemens Venture Capital and was oversubscribed. Existing investors, Deutsche Bank Capital Partners, Starfish Ventures, and UPS Strategic Enterprise Fund, and angel investors also participated in this second-round funding. The new investment will be used to ramp up production while extending G2 Microsystems’ product line for asset tracking and monitoring in the healthcare, automotive, transportation, government, biopharmaceutical, oil, gas, and chemical industries.
“Having the participation of all previous investors in our Series B funding is recognition of the company’s ability to execute its strategy and deliver a well-defined product,” said John Gloekler, Chief Executive Officer and President of G2 Microsystems. “In addition to their financial contribution, these investors have provided us with excellent financial and market guidance, enabling us to deliver our first product and secure a solid strategic customer base.”
Prior to this second-round funding, G2 Microsystems raised over $8 million, which enabled them to develop and market the industry’s first Wi-Fi™ active RFID System-on-a-Chip (SoC). The ultra low-power SoC also supports the ISO 24730-2 emerging standard and EPC, allowing customers to meet their location accuracy requirements both indoors and outdoors. G2 Microsystems’ SoC is currently being incorporated into leading real-time location system (RTLS) solutions including those from Ekahau, a provider of Wi-Fi-based RTLS solutions, and PanGo Networks, a provider of asset tracking applications and the PanOS® Location Management Platform.
“The successful execution and marketing of G2 Microsystems first SoC has proven to us that they have an excellent engineering and management team,” said Jaquez-Fissori, Investment Partner, Corporate Fund, Siemens Venture Capital. “We are excited to be the lead investor in G2 Microsystems second-round funding and believe this additional investment will help position them for success in this new exciting multi-billion dollar market.”
About Real-time Location Systems
Real-time location systems (RTLS) are used to locate, track and monitor assets both inside and outside facilities. An important element of the RTLS is the tag, which is attached to the asset (inventory, people, or equipment) or process being monitored. Location technology that leverages existing wireless networks such as Wi-Fi can significantly reduce the total cost of ownership of RTLS solutions used in healthcare, automotive, transportation, government, biopharmaceutical, oil, gas, and chemical industries.
About G2 Microsystems
G2 Microsystems designs and markets ultra low-power, active MRM system-on-a-chip ICs that provide active asset tracking leveraging existing wireless IEEE 802.11 network infrastructures. Our SoCs significantly reduce the Total Cost of Ownership of deploying global asset tracking systems so that businesses can achieve greater utilization of their mobile assets and improve operational efficiencies.
G2 Microsystems is a privately-held semiconductor company, with headquarters in the U.S. and research and development based in Australia. Major investors in the company include Siemens Venture Capital, UPS Strategic Enterprise Fund, Starfish Ventures and DB Capital Partners, the private equity and venture capital arm of Deutsche Asset Management (Australia) Ltd. G2 Microsystems can be contacted at their US corporate headquarters in Campbell, Calif. at +1-408-626-4812 or at www.g2microsystems.com.
About Siemens Venture Capital
Siemens Venture Capital (SVC) is the 700 million euro corporate venture organization for Siemens AG, one of the largest global electronics and engineering companies, with reported worldwide sales of 75.4 billion euros in fiscal 2005. SVC’s goal is to identify and fund investments in emerging and innovative technologies that will enhance the core business scope of Siemens, particularly in information and communications, medical solutions, automation and control, power, automotive technology and transportation systems, and lighting.
To date, SVC has invested some 700 million euros in well over 100 startup companies and 30 venture capital funds, mainly in the U.S., Europe and Israel, thus playing a key role in the global network of innovation. SVC is located in Germany (Munich), in the U.S. (San José, CA and Boston, MA), in China (Beijing and Shanghai), in India (Mumbai and Bangalore), and is active through Siemens´ regional unit in Israel. More information can be found at: www.siemensventurecapital.com