InSync Software, Inc. Announces $4.7 Million in Series B Funding
Intel Capital and Rustic Canyon Ventures contribute second round of capital to support InSync's continued growth.
SAN JOSE, Calif., Oct. 20 /PRNewswire/ -- InSync Software, Inc., provider of the fabric for the world's leading RFID, GPS and sensor-driven line-of-business software applications, announced today that the company has closed $4.7 million in Series B funding. The latest investment round was led by existing investors Intel Capital and Rustic Canyon Ventures, along with participation by strategic individual investors.
The funding comes as InSync experiences increasing momentum and growth in its business. In 2009 alone, InSync has doubled its customer and partner base and completed major deployments of its award-winning iApp platform and Applications by market-leading companies such as Dole Foods, Bayer, SonicWall and others. Additionally, InSync has been rapidly expanding its global presence with customer wins in Asia, the Middle East, Canada and elsewhere. Much of this activity has been recognized by the marketplace, as InSync's products have increasingly garnered the attention of customers, partners and industry analysts alike in 2008 and 2009 - culminating in numerous product and company awards from organizations including NSF International (for Food Safety), Managing Automation (for Food Safety and Yard Management), Supply and Demand Chain Executive (for Supply Chain), Inbound Logistics (for Logistics) and others.
InSync has developed a strong partner network comprised of industry-leading hardware providers, systems integrators and technology companies such as IBM, IDENTEC Solutions, Intermec, Motorola, Hewlett Packard, Honeywell and Mojix.
InSync has also established itself as a leader in innovative application delivery models as the only automatic identification and data capture (AIDC) Software Company to offer its platform and application products as both a hosted, on-demand model (SaaS) and a traditional licensed model. Part of InSync's OnDemand offering includes access to the iApp Solutions Gallery - a collection of rich line-of-business application templates that enable partners and end-users to jumpstart application development and deployment. This infrastructure and flexibility allows InSync to cost-effectively and rapidly deliver its products to customers, and in the model of their choice.
"This funding is a significant milestone for InSync," says Ashish Chona, CEO and co-founder of InSync. "The investment comes at a crucial time, as momentum is increasing and the AIDC and RFID applications market is starting to mature. Our software solution is being deployed worldwide through our outstanding partner network, and we are seeing strong levels of interest and demand for both our platform and solution products."
"This investment helps to secure InSync's place as a leader in this industry," says Ravi Panja, CTO and co-founder of InSync. "We are the only company capable of offering these solutions as an on-demand service model, which resonates well with cost-minded managers in today's economy. The additional capital puts us in an excellent position for extended growth and success."
About InSync Software, Inc.
InSync Software, Inc. provides the fabric for the world's leading RFID, GPS and sensor-driven line of business software applications. InSync's renowned iApp Platform and iApp Solution Templates allow customers to rapidly develop and deploy applications to locate and track assets, improve operational efficiencies and manage risks. InSync's software combines sensory data and enterprise information (via ERP, WMS, etc.) to actively manage assets regardless of their location. InSync is headquartered in San Jose, CA, with offices in India and Asia.
SOURCE InSync Software, Inc.
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