RFIDNews | Reva Systems lands more funding

Tuesday, April 14, 2009

Massachusetts-based Reva Systems, a provider of RFID infrastructure systems, has announced it has secured a new round of funding from investors. The $5 million in additional funding will go toward an expansion of the company’s reseller and partner programs worldwide.

The funding was led by North Bridge Venture Partners and Charles River Ventures, both original investors in Reva Systems, which was founded in 2004. Strategic investors in the firm include Cisco Systems and SAP Ventures. The new infusion of cash comes after Reva reported a 43 percent growth in revenue in 2008.

Reva Systems also announced the appointment of a new CEO. Bruce Berger, formerly the CEO of specialty optic fiber producer Verrillon Inc., takes over the chief executive spot from Reva Systems co-founder Ashley Stephenson, who will remain with the firm as chairman.

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Reva Systems lands more funding