Hi-G-Tek Adds $5.5 Million

Hi-G-Tek, a Rockville, Md.-based provider of RFID solutions for high-value cargo and sensitive materials, has raised $5.5 million in new VC funding from firms like L Capital Partners and Battelle Ventures. The company had raised a $10 million round in late 2006.

PRESS RELEASE
Hi-G-Tek, a leading provider of a new highly intelligent generation of Pro-Active RFID solutions for high value cargo and sensitive materials, has just received $5.5M in funding from an investment team led by L Capital Partners and Battelle Ventures.  The cash infusion enables the company to accelerate market penetration and growth in the international cargo security and petroleum logistics markets.

“Hi-G-Tek is experiencing accelerated growth, and we are excited that the company has been able to take its advanced technology and gain acceptance in the marketplace”, said Oded Weiss, Managing Partner of L Capital Partners.
Ralph Taylor-Smith from Battelle Ventures said, “It is apparent to Battelle that Hi-G-Tek has superior technology and solutions in active RFID.  The ability of Hi-G-Tek's solution to provide data-rich two-way sensor monitoring and communication is leading a new generation of RFID technology applications in high value critical asset protection.”

“This additional investment reflects the continuing confidence of our investors in Hi-G-Tek's market potential and our customer solutions.  We'll use this new investment in new product development to enhance our industry-leading Pro-Active line of solutions”, said Larry Blue, CEO of Hi-G-Tek.

L Capital Partners and Battelle Ventures are major investors in Hi-G-Tek and are the majority investors in the current investment.  John Levy and Oded Weiss from L Capital Partners and Ralph Taylor-Smith from Battelle Ventures serve on Hi-G-Tek's Board of Directors.   Additional information about L Capital Partners can be found at http://www.lcapitalpartners.com/. Additional information about Battelle Ventures can be found at http://www.battelleventures.com/.

About Hi-G-Tek
Hi-G-Tek, The Highly Intelligent RFID Solutions Provider, goes above and beyond traditional asset monitoring platforms with its Pro-Active line of RFID solutions.  The company provides real-time information using patented remote sensing wireless technology to monitor high-value cargo while in-transit or at fixed locations.  Hi-G-Tek's Pro-Active Visibility and Security solutions deliver precise and immediate information on logistics, business operations, and cargo condition. Hi-G-Tek's unique capabilities ensure visibility, security and value for valuable assets.  For more information, go to http://www.higtek.com/