Not wanting to be left behind in the fast-changing Internet of Things industry, L.A.’s Mojix has purchased software maker TierConnect of Plymouth, Mich.
Mojix makes a radio receiver that locates radio-frequency identification (RFID) tags on clothing in retail shops, parts in manufacturing facilities or goods being shipped. Prior to the acquisition, its customers had to rely on third-party software to make sense of radio data being received. The deal for TierConnect brings software in house that can track, analyze and visualize the placement and movement of RFID tags.
The acquisition will combine TierConnect’s 115 employees with Mojix’s 50, and was partly financed with a $14 million Series D round Mojix raised in January. It has raised more than $64 million in venture capital since its founding in 2004. Terms of the deal for TierConnect were not disclosed.
In addition to tracking goods in the supply chain, RFID tags are frequently used to improve accuracy while tracking and analyzing the workflow of manufacturing processes.
“For example, no longer does GM or Toyota manufacture their own parts. They are really system integrators,” said Chief Executive Ramin Sadr. “Their workflow requires everything to be done at the right time, at the right place, at the right quality. Sensor technology allows visibility in real time, as opposed to doing things on the clipboard.”
Ultimately, Mojix sees the Internet of Things industry becoming more than just RFID based. TierConnect’s software, which can process data coming from other types of sensors, will expand the company’s offerings.
“Even though our roots are in RFID, we realized the future required two things to happen: we needed to be sensor agnostic and we needed to have a software platform,” Sadr said.