Altierre Adds $8 Million to Series C Funding Round, Bringing Total to $30 Million
Additional Funds Enable Expansion of Multiple Customer Implementations
SAN JOSE, Calif., May 23, 2008 — Altierre Corp., a provider of wireless dynamic pricing solutions for retailers, today announced it has raised an additional $8 million in a second closing of its Series C funding round, bringing the total to $30 million. Participating in Altierre’s second closing were previous investors the D. E. Shaw group and Labrador Ventures. Altierre has raised a total of $60 million to date.
“We are seeing substantial customer interest in our solution, and this additional funding will further enable us to scale toward multiple implementations in the near future. The second closing of the Series C round continues to demonstrate our investors’ enthusiasm for our technology, and our highly differentiated and strategic approach to a large market opportunity,” said Altierre Chairman and CEO Sunit Saxena.
Altierre has been co-developing its wireless dynamic pricing solution under signed agreements with several of the United States’ top 10 grocery chains. With a fully functioning, end-to-end solution, the company is now executing its breakout strategy to directly address this significant opportunity.
“Given the excellent progress Altierre has made with its co-development retail partners, we have confidence that Altierre is on track to begin multiple customer implementations in the near future,” said Andre Turenne, a senior vice president within the D. E. Shaw group’s venture capital unit, and member of Altierre’s board of directors. “We believe Altierre’s wireless platform will be the foundation for a host of innovations — starting with its dynamic pricing solution — that promise to revolutionize retail.”
“Altierre’s lead in this space is really extraordinary and they are poised to be the big winner,” said Sean Foote of Labrador Ventures. “The breadth and depth of their proprietary solution, which will solve a range of problems and also enable a host of new opportunities, together with the deep strategic relationships they’ve already fostered with leading retail chains, gives them a clear advantage.”
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.
About The D. E. Shaw group
The D. E. Shaw group is a global investment and technology development firm with more than 1,300 employees; approximately $36 billion in aggregate investment capital as of April 1, 2008; and offices in North America, Europe, and Asia. Since its organization in 1988, the firm has earned an international reputation for financial innovation, technological leadership, and an extraordinarily distinguished staff.
About Labrador Ventures
Labrador Ventures is one of Silicon Valley’s oldest seed/early stage venture capital firms with consistent top-tier performance. Labrador has backed successful entrepreneurs for the past twenty years. Labrador invests in privately-held technology companies including, information services, software, communications/networking, messaging and semi-conductors. Labrador has invested in more than 100 companies and is currently investing its fifth fund. These investments include: Jareva (VERITAS); MyPoints.com (NASDAQ: MYPT); InfoGear (Cisco); Family Point (iVillage); Digital Impact (NASDAQ: DIGI); Four II (Yahoo); Internet Devices (Alcatel); RightPoint (E-piphany); Hotmail (Microsoft); Convoy (NEON); Sonic Innovations (NASDAQ: SNCI); Abuzz (The New York Times) and Pandora.
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.