A California-based track and trace solutions provider, rfXcel, has raised $30m as part of a second-round of funding.
rfXcel provides a software suite that enables the pharmaceutical, medical device, consumer packaged goods, and food and beverage Industries to track and trace ingredients and raw materials used to make their products and finished goods as they move through supply chains.
According to company, it plans to use the investment to accelerate the delivery of supply chain solutions; increase resources to extend its Internet of Things (IoT) partnership with Verizon; and expand its global geographical presence in the Americas, Europe, Middle East and Asia Pacific.
“rfXcel has the longest track record in meeting the supply chain visibility and regulatory needs in the life sciences industry. This partnership allows rfXcel to accelerate its market growth and extend its leading edge technology,” said Glenn Abood, co-founder and chief executive of rfXcel. “Our mission is to protect patients and combat the illegal counterfeit pharmaceutical market and this capital provides us with the means to broaden our reach in this battle.”
The funding from Kayne Partners will provide “transformative capital” to rfXcel, said Leon Chen, managing director of Kayne Partners.
“rfXcel offers customers a long-term strategic solution to gain insight and visibility into their supply chains,” said Chen, who will join rfXcel’s board of directors as part of the investment deal. “rfXcel has developed a track record of building great technology and partnering with customers in life sciences and other industries to build strong business relationships and solve complex challenges.”
This round of funding was led by private equity and investment firm, Kayne Partners.
“rfXcel offers customers a long-term strategic solution to gain insight and visibility into their supply chains,” said Leon Chen, Managing Director of Kayne Partners, who will join rfXcel’s board of directors as part of this financing.