Entigral Systems, a developer of tracking software for use with Radio Frequency Identification, or RFID chips, recently raised $500,000 and is looking to expand its business.
The company formally announced the close on Tuesday. However, Entigral did not disclose the amount raised nor the investors.
According to an SEC filing, Entrigral raised $500,000 from a single investor in June.
Entigral began raising its first outside funding two years ago, and the latest capital – all equity – is an extension of that Series raise.
“This investment supports our continued success in the marketplace and Entigral will use the new funds to expand our sales and product development efforts,” said Mark Self, the company’s CEO.
The company’s expansion will focus on the automotive manufacturing and supply sectors.
Its TraxWare technology is based on senors that primarily utilize RFID.
A year ago, Entigral raised $171,750 from six investors, according to an SEC filing.
In the 2013 funding, backers included four angel syndicates, all from North Carolina, according to a statement released by the company.
Leading the initial outside funding round was a group of investors from Piedmont Angel Network (PAN); the financing also included IMAF-Cape Fear, IMAF-RTP, and Triangle Angel Partners (TAP).