Reva Systems takes aim at healthcare
With new funding, new leadership and a year of positive growth on the books, Reva Systems is entering the healthcare market on a high note.
The Chelmsford, Mass.-based developer of passive RFID systems debuted its new Reva-4-Healthcare package at last month’s HIMSS09 conference and show in Chicago, then followed that with the announcement of a new CEO and $5 million in new venture funding to kickstart growth in healthcare and other areas.
The company’s passive RFID system, which uses antennas instead of battery packs to track objects and people, has been designed to integrate with AeroScout’s MobileView RTLS (real time location system) track-and-trace application platform. The two companies spent the last year fine-tuning the Reva-4-Healthcare package for its debut in Chicago.
“In the past 12 months, UHF RFID technology has matured to a standards-based, high-performance and cost-effective platform for a wide range of new track and trace applications,” said Ashley Stephenson, the company’s co-founder. “We see customers from many industries using the technology in innovative ways to improve both the top line and bottom line of their businesses, whether by driving additional revenues or improving efficiency.”
The $5 million in new funding was led by existing investors North Bridge Venture Partners and Charles River Ventures, both of which have backed the company since its launch in 2004. At that time, Stephenson said, Reva focused on a wide range of industries, including food preparation, shipping and postal services.
In the past year, Reva has seen 43 percent growth, according to company officials. The company also recently announced its 500th customer site.
While Stephenson had been acting CEO, he ceded that position last month to new CEO Bruce Berger. Prior to joining Reva, Berger had served as president and CEO of Verrillon, Inc., a venture-backed specialty optical fiber company focused on applications in the oil and gas, military/avionics and industrial markets.
“It is great to see a start-up company’s first product achieve recognized success, as Reva’s TAP Appliance has done,” Berger said.