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04/19/2007

Altierre Secures $17 Million in Oversubscribed Series B Round

 

Altierre Corp., a provider of wireless infrastructure solutions for retailers, announced recently it has closed an oversubscribed, $17-million Series B round led by the D. E. Shaw group, a global investment and technology development firm with approximately $29 billion in aggregate investment capital. Also participating in the round were Dupont Capital Management and existing investors — ATA Ventures, Kinetic Ventures and Labrador Ventures — from a $13-million Series A round in January 2005. Altierre said the new capital will support multi-phase implementations with major retail chains later this year.

“We believe Altierre’s total-systems approach to solving critical business problems with specialty low-power chips, long range RFID-based wireless networks and enterprise software is one of the most significant breakthroughs for retailers since the introduction of the bar code 30 years ago,” said Andre Turenne, a senior vice president at the D. E. Shaw group.  “Deep in experience with top-tier grocery and other retail chains, the Altierre team is working closely with major grocers to co-develop and refine its technology, which we believe is poised for significant expansion into other retail verticals.”

The company, which was founded in 2003, also announced that Mr. Turenne has joined its board of directors.

“We’ve had our eye on Altierre for a long time and are very pleased to now have the opportunity to participate as an investor,” said Daryl Brown, associate portfolio manager of DuPont Capital Management.

“Altierre is one of our best performing portfolio companies,” said Michio Fujimura, managing director of ATA Ventures, which led the series A round. “The company is incredibly well positioned to capitalize on the multi-billion dollar opportunity. We believe that Altierre, a technology company with a keen understanding of consumer behavior in retail-store aisles, is the first to address the core issues and build a platform that will deliver substantial ROI gains for its customers.”

Altierre’s proprietary hardware and software platform features low-cost, long-range RFID technology and back-end data-management capabilities that efficiently deliver real-time, chain-wide dynamic pricing and shelf promotions, improve price accuracy, sharply reduce labor costs and enable targeted communications with customers and employees. Electronic shelf labels, point-of-purchase messaging and a range of other functions have been built into the company’s unified platform.

“Big market, great technology, customer relationships and proven management - Altierre is to VCs what celebrities are to the public: hard to find, but exciting to see,” said Sean Foote from Labrador Ventures. 

“The refinement and validation of our technology are right on schedule,” said Sunit Saxena, chairman and CEO of Altierre. “We are very gratified to receive another vote of confidence from premier financial and strategic investors, and we expect to benefit greatly from the business networks and experience that they bring. With this additional capital, we are confident that Altierre will achieve its initial implementation plans, further penetrate the more than $10-billion grocery-market opportunity, and serve a growing number of retailers in key verticals nationwide.”

Altierre Corp., a leading provider of wireless infrastructure solutions for retailers, provides single-platform hardware, software and other IT solutions that enable chain-wide dynamic pricing, improved price accuracy, sharply reduced labor costs, and improved communication with consumers from the onset of the shopping experience to the point-of-purchase. Altierre is a Finalist for the Red Herring 100 Award, a selection of the 100 private companies based in North America that play a leading role in innovation and technology.

For more information, please visit www.altierre.com