Impinj, a US-based producer of radio-frequency identification (RFID) technology backed by several corporates, has filed for an initial public offering on Nasdaq that could raise up to $60m.
Founded in 2000, Impinj combines RFID technology with the internet of things. The company’s products make it possible to track items, authenticate users and verify the authenticity of objects.
The company’s technology has applications in a wide range of areas, from medical supplies to drivers’ licenses to food.
Impinj originally filed for a $100m initial public offering in 2011, but withdrew the application the following year when it secured $21m in funding from investors including Intel Capital, the corporate venturing division of semiconductor company Intel.
The 2012 round also featured Arch Venture Partners, the VC firm spun out of Chicago University, as well as AllianceBernstein, GF Private Equity Group, Madrona Venture Group and Mobius Venture Capital.
The company previously raised more than $14m in funding from Samsung Ventures America, an investment arm of consumer electronics company Samsung, and electronics companies Inventec Appliances Corporation, LS Industrial Systems and conglomerate YFY Group.
In 2007, consumer goods conglomerate Unilever’s corporate venturing unit Unilever Technology Ventures and logistics company UPS’ investment division Strategic Enterprise Fund helped provide $19m alongside VentureTech Alliance and Viterbi Group.
Impinj has raised more than $110m in total capital, according to its website. Unilever and Samsung are not listed as shareholders on the company’s website, which however lists chip maker Taiwan Semiconductor Manufacturing and Polaris Ventures as backers.
Intel currently holds a 8.1% stake in Impinj, though the largest stakeholder is Arch with 10.7%.
Polaris holds a 9.9% stake, Madrona owns 9.4%, followed by Mobius with 9.2% and GF with 7% and finally AllianceBernstein with 5.8%.
Impinj expects to use $5m of the proceeds to repay an outstanding loan and the remainder for working capital and general corporate purposes.
RBC Capital Markets, Pacific Crest Securities and Piper Jaffray are serving as joint book-running managers for the offering. Needham & Company is acting as lead manager and Canaccord Genuity will be co-manager.