Digital tag co Hi-G-Tek raises additional $5.5m

Hi-G-Tek has raised $5.5 million in an internal financing round, led by the company's existing investors L Capital Fund and Batelle Ventures LP.

Hi-G-Tek was founded in 1989 and employs 30 people at its offices in Israel and the US. The company develops electronic seals and RF identification electronic tags for containers and other assets which require security and monitoring. The company will use the proceeds from the latest financing round to penetrate new markets and increase its share in the cargo security market. According to IVC Online, Hi-G-Tek has raised over $20 million to date.

Hi-G-Tek CEO Larry Blue said, "This additional investment reflects the continuing confidence of our investors in Hi-G-Tek's market potential and our customer solutions. We'll use this new investment in new product development to enhance our Pro-Active line of solutions".

Published by Globes [online], Israel business news - www.globes.co.il - on December 16, 2007