PervasID, a pioneering RFID technology firm based in Sedgefield, United Kingdom, has raised £3.25m in a funding round led by Parkwalk Advisors, with additional investments from Maven's Finance Durham Fund and Northern Powerhouse Investment Fund II, supported by the British Business Bank.
Founded as a Cambridge University spin-out 13 years ago by Sabesan Sithamparanathan, PervasID specialises in cutting-edge RFID tracking systems that deliver near 100% accuracy over a 20m range. This new investment will enable PervasID to expand its customer base, targeting sectors such as retail and aerospace, and support further R&D to enhance its software and analytics offerings.
The funding will also strengthen PervasID's presence at NETPark, County Durham's growing tech cluster, fostering innovation and economic growth in the region.
