ThingMagic, manufacturer of RFID readers, just got $10 Million in venture capital funding. ThingMagic, as you may recall, is the company that says it has the only reader which can read any RFID tag.

ThingMagic is a young company (spun off from MIT in 2000). However, by all appearances it has a solid track record. For instance, earlier this year the company landed a contract with British grocer Tesco estimated at $10 Million.

It goes to show that for young companies with demonstrated successes, VC money is out there.

About a month ago I interviewed Jeff Nolan of SAP Ventures. He noted that valuations of RFID companies had held up pretty well despite the RFID market being in the midst of the Gartner Hype Cycle's trough of disillusionment, mainly because of a small group of VCs who understand the RFID market and see the progress being made.

Read more about ThingMagic here (BizJournals report) and here (Robert W. Baird Co.'s investment profile of ThingMagic).

Tags: venture capital; technology; RFID