PINPOINT SECURES $30 MILLION PRIVATE EQUITY FUNDING FROM BLACKBOARD VENTURES, MF PRIVATE CAPITAL AND OTHER PRINCIPAL INVESTORS
Funding to Accelerate Sales, Marketing and Product Development of Industry-Leading 3D-iD
Local Positioning System Technology
BILLERICA, MASS. - May 23, 2000 - PinPoint Corporation, the pioneer developer of revolutionary Real Time Locating System (RTLS) technology, today announced it has received $30 million in Series D funding, led by Toronto-based Blackboard Ventures, the venture capital arm of the Ontario Teachers? Pension Plan. Also participating were Boston-based MF Private Capital, Inc., Citizen?s Capital also of Boston, GTG Ventures in Palo Alto, California, Macquarie Bank of Australia and iTech Capital of New York. Equity funding was also provided by GE Equity (see related press release ?GE Medical Systems Forms Strategic Alliance with PinPoint Corporation to Bring Asset Tracking Services to Health Care Facilities ,? May 23, 2000), Dr. Andrew Viterbi, co-founder of Qualcomm, as well as reinvestment by original investors APV Technology Partners and Prism Venture Partners.
?It is extremely empowering to have industry leading venture capital firms support our company, its mission and solution offerings,? said Ron Remy, Chief Executive Officer of PinPoint Corporation. ?We are at a point in our business where we are actively deploying our 3D-iD installations across multiple sectors. PinPoint intends to use this funding to expand the sales force, accelerate market expansion and conduct further research and development around its core technology product line.?
PinPoint has been working aggressively to keep up with the fast growing demand for its solutions and has partnered with many leading resellers, integrators and OEMs. The funding will fuel this fast expansion pace and provide additional resources to allow the company to successfully manage its growth.
?PinPoint has clearly emerged as the leader in the hot and growing Local Positioning market,? stated Michael Lay, Vice President of Blackboard Ventures. ?We see a great opportunity for this technology to be integrated across several industries that need to instantly and easily locate and track assets ?live? without human intervention.?
?We believe PinPoint is poised to expand quickly,? added Mr. William M. Sheehan, Managing Director of MF Private Capital. ?Their proprietary and cutting-edge technology offers a unique solution to the healthcare, commercial and industrial marketplaces and will place PinPoint as the global leader of this exploding market.?
About PinPoint?s 3D-iD LPS
PinPoint?s 3D-iD Local Positioning System (LPS) solution was developed to specifically address the needs of the healthcare, manufacturing, warehousing and distribution industries where locating inventory, equipment and personnel automatically and instantly is essential. 3D-iD LPS is based on improved operating techniques originally employed by global positioning system (GPS), wireless local area networks (LANs) and radio frequency identification (RFID), and is targeted at applications requiring a high degree of tracking accuracy.
About PinPoint Corporation
PinPoint Corporation, based in Billerica, Mass., USA, is a leading developer of wireless locating solutions for the distribution, manufacturing and healthcare markets. PinPoint?s 3D-iD Local Positioning System (LPS) is the only open system solution on the market today and has been installed in hospitals, factories and development centers around the world. With PinPoint technology, corporations can leverage their existing IT infrastructure and empower it to precisely and affordably locate, track and secure valuable resources instantly and automatically. For more information, contact PinPoint Corporation at
978-901-0028 or visit www.pinpointco.com.
####
3D-iD is the trademark of PinPoint Corporation. All other trademarks contained herein are the property of their respective owners. |
