Precyse Technologies, the industry leader in real-time location and supply-chain visibility solutions based on next-generation active RFID technologies, announced it has closed its second round of financing, totaling $11 million in funding from a Georgia-based private investor group. Following the closing, Precyse appointed Russ Chandler to Chairman of its Board of Directors and initiated relocation of its corporate headquarters to Atlanta, GA. Precyse will use the capital raised to expand its operations into new markets and continue to drive innovation.
According to Andy Mullins, Precyse CEO, "Closing this round of financing will allow Precyse to fuel growth while leveraging new and existing opportunities in the market today and in the future. Having Russ join the Precyse Board is a strong addition to the company's leadership and we look forward to leveraging his experience as we continue to expand into new markets. Having completed this recent funding has set Precyse on a rapid expansion trajectory. We see our growth opportunities central to the US market and having completed a recent state attractiveness survey, we decided to reposition the Precyse corporate headquarters to Atlanta Georgia. Atlanta was an easy choice for Precyse both for its state programs geared toward attracting technology companies in terms of cost and due to the availability of some of the country's best engineering talent."
Appointed chairman of the Precyse board of directors, Mr. Chandler brings invaluable experience building world-class businesses. Mr. Chandler has provided corporate governance and oversight to a number of public and private companies by serving on their boards, starting with his first business venture, founding Qualicare, Inc., at the time the largest privately-held owner of hospitals in the United States, and until most recently as the Chairman of the Board of DataPath, Inc., a provider of satellite and wireless communications networks sold to Rockwell Collins. Mr. Chandler was also a key contributor to Atlanta, Georgia's bid to host the 1996 Olympic Games and served as Mayor of the Olympic Village during the games. Mr. Chandler received a Bachelor of Science degree from Georgia Tech and his master's from the Wharton School of the University of Pennsylvania; he has served on boards at both universities.
"The consummation of this investment in Precyse brings to fruition a four year search for an outstanding business venture in which I could find active involvement," offered Russ Chandler, Precyse Chairman of the Board. "I believe that the company is on the frontier of leading-edge technological breakthroughs within the area of Active RFID, a market that is projected to grow dramatically in the next decade. Our discussions with Precyse's major customers confirmed to us that its technology is without peer. I am also gratified to rejoin Andy Mullins, former CEO of DataPath, with whom I have the greatest level of confidence; and I feel that with this round of financing, Precyse now has the capital required to move it to the next level."
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