Qbit, a privately held South Korea based radio-frequency identification (RFID) solution provider, is seeking series A funding of at least $ 1 million via a roughly 19% stake sale, said Qbit CEO Chongwoo Kim. It will further develop RFID solution products, establish a product demonstration room and hire more staff.
Qbit welcomes approaches from financial or legal advisors, while it will use its own contacts for accounting issues, Kim added.
Although either a financial or a strategic investor is acceptable, Qbit would prefer a strategic investor that could generate synergy with its RFID solutions, Kim said. Companies in the shipping business, food manufacturers with assembly lines and listed RFID system providers would be ideal, he added.
After the deal, Kim expects to hold a 51% stake in Qbit, while the employees will own 30%, said Kim.
Qbit is the “master distributor” of Mojix STAR System, an RFID tracking system, which is developed by Silicon Valley-based and venture capital-backed Mojix. When asked whether the business partnership with Mojix could develop into a JV or a strategic one, Kim said it was too early to comment on such opportunities.
Senior Vice President of Mojix, Shawn Manesh, also said the company just entered South Korea and recently formed a business partnership, so it was too early to comment on this matter.
When Qbit was established last October, the company received government subsidies and private funding from Korea Development Bank. Kim said most of the funds have been used.
The company is aiming to post 20 billion won in sales this year, Kim said. Global clients using the Mojix STAR System include Kraft Foods, BP, BMW, and Lufthansa.
by mergermarket reporter Eun Young Chough
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