Oridao raises €1.3m from Starquest et al.

According to Oridao, the fresh funding will strengthen its commercial development in France and abroad, with plans to enlarge its network of partnerships. According to French publication Capital Finance, the company's long-term goal is to hit the €19m revenue mark within five years.

Starquest's investment was not made public, yet the VC typically injects €150,000-1m into businesses with an international profile where revenues sit in the €300,000-1.5m range.

The VC was joined by a number of individual investors and Soridec – a €22m, BPI France-backed regional investor backing SMEs in the Languedoc-Roussillon area. Soridec has backed Oridao since 2009, when the business held a first institutional round to set up its R&D programme.

This was followed by a second round in 2012. Supported by a €200,000 contribution by Soridec, the financing was intended to help Oridao accelerate commercial launch for its products.

Company
Founded in 2008, Oridao is an internet-of-things specialist that develops RFID technology allowing businesses easy access to industrial data of devices and machinery.

Headquartered in Montpellier, the company services clients from the aeronautic, defence and automotive industries, and is supported by the European Union and the Languedoc-Roussillon region.

People
Associate director Arnaud Delattre led the deal for Starquest. Nicolas Reffe founded Oridao and is the company's current CEO.

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