Cypak raises €3.3m for RFID tech
(€3.3m) in its fourth major round of funding, and says it will use
the proceeds to accelerate its product development efforts.
The company has developed a new intelligent radiofrequency identification (RFID) technology based on a microchip which can be integrated into packaging and has already been licensed to the North American firm MeadWestvaco for use with the intelligent packaging of medication.
The system has also been successfully tested for transportation security by the Swedish and German postal services.
Cypak's Intelligent Pharmaceutical Packaging (IPP) system looks like a standard blister pack, but has a microelectronic sensor within the pack's paper board that records and time stamps every time a medicine is pushed out of the packaging. The data is stored within the pack and can be read by placing it on a scanner device that is compatible with a PC, allowing the patient's doctor to monitor drug usage.
Cypak claims that the technology provides more functionality and greater security than is presently available with rival RFID systems.
In April, the Swedish company started two clinical trials of IPP to test its ability to help monitor patient compliance, but it is also interested in exploring its applications for ensuring supply chain integrity and protecting against counterfeiting and diversion of medicines.
"This new capital means that we can accelerate the work we have undertaken with our partners to further develop and promote the technology on the international market," said Jakob Ehrensvard, Cypak's CEO.
The company's business model is to license its technologies to customers across a number of inustries and sell component parts.
The new investment was made by the Swedish Industrial Development Fund and IT Provider.
