| [February 27, 2006] |
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PINC Solutions Raises Series B Financing; Company to Begin Asset Locationing Customer Trials in Q2
BERKELEY, Calif. --(Business Wire)-- Feb. 27, 2006 -- PINC Solutions Inc. (PINC), a software company developing RFID-based mobile asset locationing -- location and position tracking -- solutions for yards and warehouses, announced it has secured Series B funding from Sutter Hill Ventures.
PINC was launched in 2004 at Siemens Technology-To-Business Center, Siemens' innovation center located in Berkeley, CA with initial seed capital to focus on innovative asset positioning solutions. The company has since secured development contracts from Siemens Operating Companies and attracted world-known customers. PINC will use the new funds to accelerate the development and commercialization of its own product portfolio. The company plans to begin customer trials in the second quarter of this year.
"The feedback we are receiving from customers struggling to define ROI for RFID is extremely positive. We have built a simple solution for locationing mobile assets using passive RFID tags with almost zero infrastructure that enables distribution center managers to address critical operational and inventory tracking needs. Our model aims to deliver a return on the initial investment in less than a year," said Aleks Gollu, CEO of PINC Solutions.
"We are pleased to be investing in a company that leverages off the shelf RFID products to solve a real problem," said Tench Coxe, Managing Director, Sutter Hill Ventures. "PINC will both benefit from all the investments already going into RFID and at the same time help accelerate RFID adoption."
About PINC Solutions Inc.
PINC Solutions develops a sensor-based location tracking system that enables customers to track and monitor the position of mobile assets in hubs, yards and warehouses. Utilizing advanced sensors combined with RFID technologies, the solution operates in both indoor and outdoor environments and facilitates close to real-time inventory control and asset positioning for optimized equipment and resource management. http://www.thepinc.com
About Sutter Hill Ventures
Sutter Hill Ventures is a venture capital firm that finances technology-based start-up and early-stage companies pioneering products or services in growth markets, especially those in information technology and health care. Founded in 1964, it is one of Silicon Valley's original venture capital firms. Companies backed by Sutter Hill include: Netapp, Legato, Quantum, Storage Tek, Tellabs, Alteon, Linear Technology, NVIDIA, BroadVision, Vitria, Molecular Devices, Cor Therapeutics, Amylin Pharmaceuticals, Omnicell, and eLoyalty. http://www.shv.com
About Siemens Technology-To-Business Center
Siemens Technology-To-Business Center LLC, a subsidiary of Siemens Corporate Research located in Berkeley, California, identifies and develops disruptive technologies through partnerships with universities and entrepreneurs, converting those enterprises into viable Siemens businesses or independent start-up companies.
Siemens Technology to Business Center is part of a greater network at Siemens whose mission is to drive technological innovation by supporting start-up companies. In addition to Siemens Technology to Business, also Siemens Technology Accelerator and Siemens Venture Capital contribute to the innovation strategy of Siemens. Their individual mandates are defined according to financing stages and industry focus. More: www.ttb.siemens.com
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