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RFID Innovators: ThinkMagic

According to PE Hub, Cambridge radio frequency identification technology (RFID) developer ThingMagic, Inc. reports it has entered into a new partnership with power tool maker DeWALT and Ford Motor Company to equip new trucks with RFID-based asset tracking systems.

The partnership will equip 2009 Ford F-150 and F-Series Super Duty pickup trucks, as well as E-Series vans, with an embedded RFID asset tracking system, including readers from ThingMagic. The system, dubbed Ford Work Solutions Tool Link by DeWALT, uses RFID technology to track tagged assets, such as tools, construction equipment and materials, in the truck, ensuring contents are easily accounted for and quickly located at all times. Inventory of bed contents is taken by the readers and relayed to a screen in the cab.

The system also includes antennas, tags, and corrosion and impact resistant housings mounted on the vehicle, according to ThingMagic officials, who said the three companies have been collaborating on the project for more than a year. Financial terms of the deal were not released.

Finding useful, everyday problems to solve with RFID has long plagued providers of the technology, who seek stable and profitable markets for their products.  Rather than trying to solve "world hunger" (although I do think RFID could play an interesting role in food distribution in needy countries), companies like ThinkMagic are taking a more pragmatic approach and looking for simple problems to solve, like "where the heck did that saw or router go?" On the other hand, it is not clear that RFID solves the biggest problem with asset management on the  job site–the "five-finger discount".  At least the perp should not be so stupid as to try and use the tagged tool on the same site, or another one where the previous owner’s truck is present.

DeWALT, which is a brand name of Maryland-based Black & Decker Corporation has built a reputation for advancing new technologies in the power tool industry. The company was among the first to use nanomaterials-based lithium-ion batteries from A123Systems, Inc. last year, and has integrated GPSS technology into products aimed at securing job sites for contractors.

Founded in 2000, ThingMagic has brought in more than $20 million in private funding. Investors include The Exxel Group, Morningside Technology Ventures Ltd., Inventec Appliances, Top Line Growth Capital and Cisco Systems, Inc.

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2 responses to “RFID Innovators: ThinkMagic”

  1. Alphast Avatar
    Alphast

    Dear VC,
    Thanks for another interesting article. I wanted to add something about your comments on RFID. There is another issue that RFID has and which is linked to the data standard. Because there is currently not one data exchange standard for RFID, the use of RFID is limited to one or two massive proprietary solution. I believe that RFID chip producers and software developers of RFID solutions are shooting their own feet. If they developed a standard once and for all (similar to EDI), this would allow integrators to plug their own applications into their flows of data. This would profit both as they could do this for a reasonable fee and help boost the use of the technology at the same time.

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  2. Mark Avatar
    Mark

    Thanks for the nice article.The information, that you have provided on the ‘RFID Innovators: ThinkMagic’ is totally make sense to us.
    I have gone through many blogs, sites and forums which been providing great knowledge about the same, as like recently i was reading something about RFID on http://www.mobilemark.com, the information that shared here is also great.
    I appreciate your effort for supply this type of vital information and sure I’ll come again across your blog when you will share something new.
    Thanks,

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