InSync Software secures $7.5 Million in funding | Automation.com

InSync Software secures $7.5 Million in funding

Investment will Accelerate Growth for InSync’s Collaborative Supply Chain and RFID “Asset-on-the-Move” Software Solutions

Sunnyvale, CA – June 22, 2006 – InSync Software, a rapidly growing, Silicon Valley-based provider of collaborative supply chain software applications that track assets on the move, today announced that it has completed a Series A funding round of $7.5 million. Rustic Canyon Partners and Intel Capital are the lead investors with additional capital coming from several strategic investors.

InSync's applications allow companies to add sense and respond capabilities to existing supply chain and asset management solutions leveraging the internet and advanced technologies such as RFID and sensor based computing. InSync's customers include Fortune 500 technology companies in the Semiconductor, Electronics and Computer industries.

"InSync is well-positioned for continued growth by providing compelling solutions that provide real-time asset visibility for customers to develop efficient and fault tolerant supply chains. InSync's customer traction validates their proven ability to measurably improve how companies and their trusted suppliers collaborate to manufacture and deliver complex products. We are excited to help them grow," said Michael Kim, Partner at Rustic Canyon Partners. As part of the transaction, Michael Kim and Alexander Lloyd, a Venture Partner at Rustic Canyon, will join the InSync board.

"Dynamic business process applications that operate at the point of action, such as collaborative supply chain, RFID and other asset-on-the-move systems, have the potential to transform the way companies make decisions with transparent views into their global products and inventory," said Robert Rueckert, Investment Manager for Intel Capital. "InSync's manufacturing and supply chain solutions offer high-tech companies a tangible and compelling opportunity to reduce costs and improve efficiency."

“We are very excited to complete our Series A funding round led by Rustic Canyon and Intel Capital,” said Ashish Chona, co-founder and CEO of InSync Software. “Together, these two firms bring seasoned and relevant experience in the space we are focused on. Our business has continued to grow as our customers derive significant value from InSync applications for tracking products, inventory, and assets. This funding will allow us to reach a broader market segment, extend our Sense and Respond applications, and ensure operational scalability.”

In a recent research note titled ‘Development of Chaos Tolerant Process is Key To Supply Chain Optimization’ (March 3, 2006), Gartner Research Vice President, Jeff Woods, noted that “With chaos emerging as the dominant operational environment that global and complex multi-enterprise supply chains have to cope with, the next generation of supply chain excellence will not come from lean-influenced or demand-driven-only planning. Globalization, multi-enterprise processes, unstable logistics environments and expansion into developing economies will force many enterprises to pursue IT initiatives that support chaos-tolerant, not just fail-safe, business processes.” Further, he noted, “Radio-frequency Identification (RFID) and other sensory technologies are a vital component of an operations strategy intent on managing chaos-tolerant processes."

“Current solutions for locating, identifying, tracking and tracing inventory and assets are simply not designed to deal with the chaos in today’s extended supply chains,” said Ravi Panja, co-founder and CTO of InSync Software. “InSync has pioneered a new generation of Sense and Respond applications that provide essential visibility and collaboration. Our solutions enable dynamic manufacturing and supply chain processes by converging Auto-ID (RFID, IR, barcode) and other sensor-based information with eBusiness and ERP systems. The result is a dramatic reduction in hands-on tracking and tracing of inventory and assets.”

About Rustic Canyon Partners
With over $800 million under management, Rustic Canyon Partners invests in early stage and middle-market companies positioned for strong growth. The firm focuses on growth opportunities catalyzed by technological shifts, market evolution, or regulatory changes. To date, Rustic Canyon has invested in a broad array of sectors including digital media, business and information services, communications, software, and renewable energy. Rustic Canyon Partners has offices in Santa Monica, Silicon Valley and Seattle.

About Intel Capital
Intel Capital is Intel Corporation’s (NASDAQ: INTC) venture capital investment arm. Since 1991, Intel Capital has invested more than $4 billion in approximately 1,000 companies in more than 30 countries. In that time, about 160 portfolio companies have been acquired by other companies and another 150 have gone public on various exchanges around the world. Last year alone, Intel Capital invested more than $130 million in about 110 deals with approximately 40 percent of its investments made outside the United States.

About InSync Software
InSync Software is pioneering a new class of Sense and Respond applications at the edge of the enterprise that leverage the internet, RFID, and sensor based technology to enable the transparent supply chain. InSync’s enterprise-edge applications extend enterprise processes where tracking and tracing of assets, products, and inventory is mission critical. The InSync team has experience in developing and deploying collaborative manufacturing, supply chain and eBusiness solutions for major technology companies worldwide, including Auto-ID (RFID, IR and barcode) and sensor-based systems.
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