Alien Technology, a Morgan Hill manufacturer of ultra-high radio frequency ID technology, announced Monday that they have gained $38 million in new venture funding.
Despite the difficult U.S. economy, the once struggling Alien Technology has announced that their overall product revenue this year is expected to go up 50 percent over fiscal 2007.
Founded in 1994 by John S. Smith, Alien’s American corporate offices are situated on Butterfield Blvd. and the company currently employs 200 people. They are well known for making identification chip tags with futuristic machines that use a “fluidic self-assembly” method—a manufacturing process that utilizes a river of liquid chemicals to move chips. Their products can be scanned and tracked from a distance, and are used by a variety of industries including transportation, manufacturing, defense, retail, consumer goods, logistics and pharmaceuticals.
With current investors Sunbridge Partners, New Enterprise Associates, Rho Ventures and Advanced Equities, the company has had a somewhat patchy financial record. Two years ago, Alien made an unsuccessful expansion bid, attempting a public offering of 9 million shares at $10 to $12. In 2006, they were forced to withdraw their IPO and lay off 50 employees before regaining $33 million in investment funding in 2007.
Alien Technology has since seen its business grow considerably. This $38 million in new revenue will be added to the company’s estimated $258 million in current worth.
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