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Dan Loeb's Third Point Joins $9M Round for Intelleflex
Posted September 21, 2011
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Dan Loeb's Third Point Ventures joined current investors Arcapita Ventures, New Venture Partners and the Woodside Fund in a $9 million extended Series A round for Santa Clara, Calif.-based Intelleflex. Third Point Ventures, based in Sunnyvale, Calif., is led by managing partner Rob Schwartz, who will join the Intelleflex board. Intelleflex, which develops on-demand data visibility, will use the funds to expand in the fresh produce and pharmaceutical markets, and to build asset tracking and personnel monitoring services.
Award-winning Intelleflex XC3 Technology enables new solutions to address a multi-billion-dollar global market opportunity in these industries. In addition to supporting continued market development, this new capital investment will be used to expand partner and channel marketing programs throughout the Americas, Europe and selected markets in Asia. Rob Schwartz, Managing Partner at Third Point Ventures, will be joining the Intelleflex Board of Directors.
"Intelleflex has reached an inflection point where its technology is ready for prime time, and customers dependent upon the fresh produce and pharmaceutical cold chain are strongly validating the value proposition," said Rob Schwartz, Managing Partner at Third Point Ventures. "We like to invest in companies with fantastic teams who have developed highly differentiated technologies that are impactful to large markets with large barriers to entry. It is rare to find all of these elements in one company but they are here at Intelleflex. We look forward to working with the Intelleflex team to capitalize on this major market opportunity."
"Intelleflex continues to see significant interest in its products and the solutions they enable for improving the cold supply chain, as well as personnel and asset tracking applications," said Tom Hawkins, Partner at Arcapita Ventures. "Intelleflex partners and end users alike realize the immediate business benefits of on-demand data visibility to help improve product yield, operations and profitability."
"We are very pleased to welcome Third Point Ventures as a new investor. I look forward to working with Rob Schwartz as he brings nearly 30 years of investment and technology management experience to our board," said Peter Mehring, President and CEO of Intelleflex. "We are also grateful for the continued strong support from Arcapita, New Venture Partners and Woodside Fund, who share our vision of delivering on-demand data visibility for condition monitoring in the supply chain."
About Intelleflex
Intelleflex® provides on-demand, data visibility solutions for cold chain and asset management. Its industry-leading XC3 TechnologyTM RFID products enable a range of solutions for fresh produce, perishable food, and pharmaceutical temperature monitoring, asset tracking, personnel monitoring, retail, healthcare and other applications. These real-time monitoring solutions can help organizations reduce shrink or loss, more closely track and manage assets, reduce cost of operations, and increase profitability. For more information, visit www.intelleflex.com.
About Third Point Ventures
The Third Point funds are managed by Third Point LLC, a registered investment adviser based in New York, with approximately $8 billion of assets under management. The firm was founded in 1995 by Daniel S. Loeb. Third Point LLC conducts venture capital activities as Third Point Ventures, which is led by Robert Schwartz, an industry veteran with 28 years of experience in private equity and technology company management, based in Sunnyvale, California.
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