Altierre Completes $22 Million Funding Round Led by The Galleon Group
SAN JOSE, Calif., March 10, 2008 — Altierre Corp., a provider of wireless dynamic pricing solutions for retailers, today announced the completion of a $22 million Series C round led by The Galleon Group. Previous Altierre investors ATA Ventures, the D. E. Shaw group, Dupont Capital Management and Labrador Ventures also participated in the round.
- The Series C funding will enable the rapid expansion of Altierre’s production and manufacturing in anticipation of multiple implementations with major retail chains. Altierre estimates that more than $40 billion is spent annually worldwide implementing price changes in the food, drug and mass retail segments, including $10 billion by the U.S. supermarket industry alone. With a fully functioning, end-to-end solution, the Company is now executing its breakout strategy to directly address this vast opportunity.
- Altierre has been co-developing its wireless dynamic pricing solution with several of the United States’ top 10 grocery chains under signed agreements.
- The Company has attracted $39 million in funding from premier venture investors in the past 12 months, and has raised a total of $52 million to date.
“We believe Altierre is the clear leader in this emerging space and they have developed a comprehensive wireless solution that will be a game-changing technology for retailers,” said Kris Chellam of The Galleon Group. “Our retail analysts performed extensive due diligence of competing technologies in this sector and were impressed with what they identified as the depth of Altierre’s solution. In our view, Altierre’s turnkey solution directly addresses the critical pricing and mobile display needs of the largest retail chains in the country in a way that can have an immediate and positive impact on their bottom lines.”
“Altierre has made outstanding progress over the past 12 months,” said Michio Fujimura, Managing Director of ATA Ventures. “They have developed a wireless platform built from the ground up offering a turnkey solution for retailers that goes far beyond electronic shelf labels, encompassing proprietary hardware, software, semiconductors, and low-power, long-range RFID. There are many companies that have succeeded with just one piece of a solution, whereas Altierre has created a complete system that exceeds any other solution on the market.”
Altierre has developed a proprietary, turnkey hardware and software platform that features low-cost, long-range RFID technology and back-end data-management capabilities designed specifically for major retail chains. The Altierre solution provides rapid return on investment by efficiently delivering real-time, chain-wide dynamic pricing and shelf promotions, improving price accuracy, sharply reducing costs and paper waste, and enabling targeted communications with customers and employees. Electronic shelf labels, point-of-purchase messaging and a broad range of other functions have been built into the company’s unified platform.
“We strategically decided to attract additional funding to execute our breakout strategy based on overwhelming interest from retailers globally, combined with our product development execution,” said Sunit Saxena, chairman and CEO of Altierre. “Over the past several years we have been quietly working in co-development partnerships with leading grocery chains to create a turnkey system that bypasses the limitations of conventional technologies to meet their dynamic pricing requirements. These chains have validated our vision and we are now moving toward production. Based on the strength and ROI of our platform we are in the fortunate position of having a number of tremendously exciting partnerships to choose from and we look forward to bringing to retailers and consumers the power of our solutions.”
About The Galleon Group
The Galleon Group is a New York-based group of alternative investment advisers that has approximately $7 billion under management and focuses on long/short equity and late-stage private equity strategies in the U.S. and emerging market sectors. Galleon has offices in New York, California, China, Taiwan, Singapore, and India.
About ATA Ventures
ATA Ventures is a venture capital firm focused on seeking out early stage private companies which appear to offer above average prospects for capital growth. With over $350 Million of capital under management, ATA Ventures focuses on Information Technology (IT) and provides seed capital and early stages of financing to these companies.
About Altierre Corp.
Altierre Corp., a leading provider of digital signage and pricing solutions for retailers, provides single-platform hardware, software and other IT solutions that enable RF-based applications. Altierre’s ultra low power long-range wireless technology enables wireless pricing solutions and sensor network applications such as automated temperature monitoring. Its pricing solution allows chain-wide dynamic pricing, improves price accuracy, sharply reduces costs and paper waste, and improves communication with consumers from the onset of the shopping experience to the point-of-purchase. Altierre is a winner of 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. Incorporated in 2003, Altierre is headquartered in San Jose, Calif. For more information, please visit www.altierre.com.