Enterprise IT Startup rfXcel Raises $30 Million

rfXcel announced the close of $30 million in Series B financing. Two investors contributed to the round, including Kayne Partners.

rfXcel Corporation is a cloud-based software (SaaS) application company focused on providing drug, medical device, and food safety solutions through enhanced supply chain traceability. rfXcel provides a software suite that enables the pharmaceutical, medical device, consumer packaged goods, and food and beverage Industries to track and trace ingredients and raw materials used to make their products and finished goods as they move through supply chains. The rfXcel solution aims to improve consumer and patient safety and offer compliance with both federal and state drug Pedigree laws.

In its announcement, the company said rfXcel plans to use the investment to accelerate delivery of innovative supply chain solutions; increase resources to extend its Internet of things partnership with Verizon; and expand its global geographical presence in the Americas, Europe, the Middle East, and the Asia-Pacific region.