Business News
SkyeTek Announces Record 2007 Results
Tuesday 26. February 2008 - New Solutions and Services, Industry Accolades and a $10 Million Series C Round of Funding Lead to Tripled Revenue Growth
SkyeTek, Inc., the leading provider of embedded RFID reader technology, today announced record results from 2007, as the company continued its strong momentum by tripling revenues and doubling its bookings growth from 2006. SkyeTek also introduced several new products and services in 2007, including the M4 HF SkyeModule(TM), in addition to closing a $10 million series C round of venture capital funding and receiving industry accolades throughout the year.
“In 2007, we further validated our strong position in the RFID industry through significant revenue growth in our company, continued customer traction, and through our innovative and cost-effective product lines,” said Rob Balgley, CEO of SkyeTek. “We are continuing to build upon our strategy of enabling RFID to be a true part of the overall network by expanding our product portfolio and services, growing our partner network and working with our customers to develop new and innovative applications for RFID. I’m confident that through the validation we have received from both our investors and from the market that we will continue our growth and momentum throughout 2008.”
SkyeTek’s revenues in 2007 grew by 158 percent compared to 50 percent growth in 2006. In addition the company doubled its bookings in 2007, adding 18 new production wins with companies including Advanced ID, Gaishan, Seeonic, Taiwan Semiconductor Company ltd., and Cadi Scientific. The company also announced partnerships with key industry leaders, including Atmel, USSEN, Hangzhou Ziytek, Digi-Key, and Mouser Electronics.
In addition, SkyeTek secured a $10 million Series C round of venture capital funding. Maryland-based Grotech Capital Group led the round with participation from TD Fund, based in Washington D.C., and existing investors Appian Ventures, Sequel Venture Partners, and Palomar Ventures. The funding has enabled SkyeTek to expand its headcount, sales coverage, product development, and patent portfolio in making RFID a seamless IP networking technology as well as further validating SkyeTek’s position in the market.
In August 2007, SkyeTek introduced the availability of the M4 SkyeModule, the world’s smallest, least expensive, globally-compliant UHF RFID reader. Following just one month after the release of the M4, SkyeTek unveiled its professional services group which helps original equipment manufacturers (OEMs) quickly and efficiently deliver RFID-enabled finished products.
Beyond financial and product success, 2007 was an important year for SkyeTek in terms of achieving industry accolades. SkyeTek’s SkyeModule M9 was selected as a winner of the 17th Annual Electronic Design News (EDN) Innovation awards, which honor outstanding engineering professionals and products. In addition, SkyeTek received the CMP Excellence in RFID Technology award in honor of ADASA’s SkyeTek enabled PAD3500, a low-cost, wearable mobile encoder that supports the encoding of UHF RFID tags anywhere.