RFind tags big clients around the world
Manufacturers around the world are beginning to catch on to RFind Technologies’ radio-frequency identification tags for tracking assets in real time.
RFind, the 2006 first-prize winner, secured a Canadian patent in 2009 for its wireless tag-to-tag communication technology, which lets manufacturers track inventory in warehouses, plants and outdoor lots.
“When a vehicle rolls off the assembly line into a parking lot, it can take a while to find it again among a thousand others that look exactly the same,” says CEO Sharon Barnes. “Unless it has an RFind locating tag.”
That’s why Volvo Group is using RFind’s technology. Ditto for two of North America’s top auto manufacturers.
The tags are also finding favour with companies such as Delhaize Group, which is a major European grocery chain, Calgary Transit and a mid-western U.S. aluminum manufacturer.
“With our technology there’s no need to invest in huge infrastructure, run wires or develop expensive retrofits,” explains Barnes. “Just stick RFind’s tags to the asset—it really is that simple.” The tags then communicate with reference tags placed elsewhere in a facility that wirelessly communicate with a server to determine where the item is located.
The Kelowna company has raised $2 million in equity financing and a further $1.5 million in debt. Barnes expects to turn a profit by this fall.
RFind, which manufacturers its product in B.C., has increased its staff from four in 2006 to 12 today, with plans to hire three or four more employees this year.
Highlights over the past four years:
- Employee growth: 4 to 12
- Investment: $2 million in equity, $1.5 million in debt
- Acquisition of Canadian patent
- Market value: five-fold increase
