Identiv, Inc. (NASDAQ: INVE), global digital security and identification leader in the Internet of Things (IoT), today announced its Singapore transponder facility is fast approaching 350M+ units for specialty radio frequency identification (RFID) products through 2023. The company secured globally recognized compliance certifications and performance metrics to deliver accelerated growth in innovative IoT and RFID solutions.
RFID and near field communication (NFC) are connective technologies enabling the rapid expansion of the IoT as the need to exchange more data between objects increases. Investment firm Craig-Hallum estimates the IoT market should grow at a ~20% CAGR over several years, approaching a $1T market longer-term. As more products request specialized RFID technology, Identiv is uniquely positioned to accelerate growth.
"Identiv has unlocked accelerated growth with a focused strategy. We anticipated this trend and positioned our facilities accordingly, investing in highly integrated manufacturing, specialty R&D, and additional sales capacity to pursue and develop novel use cases. We have taken a once commoditized RFID tag and enabled innovative, higher-margin applications at scale," said Amir Khoshniyati, VP and GM Transponders, Identiv.
Identiv continues to build a team with best-in-class engineering and operations talent to drive RFID business growth and expansion in its Singapore Center of Excellence in the Serangoon North cluster. The company has invested substantially in the Singapore production site and will continue to further its scale beyond the nine-figure production capabilities with premier manufacturing, converting, and encoding equipment.
"The investment in our R&D and manufacturing capabilities means we can bring a highly specialized and complex RFID project from iteration to production-ready device in months. This compares to commodity-focused providers taking years to complete. The Singapore facility is on track for 350M+ units through 2023."
Dr. Manfred Mueller, COO and GM Identity, Identiv.
In addition to substantially increased capacity, Identiv has completed important compliance and certification marks to deliver innovative IoT solutions. The company achieved the world's most recognized quality management standard certification, ISO 9100, to drive continuous improvement, streamline operations, and reduce costs. The certification requires a rigorous audit of business processes and achievement of the certification demonstrates Identiv's ability to provide quality while continuously improving services and internal processes and gives customers confidence in the company's operations.
Identiv also secured ISO 14001, the international standard for environmental management systems (EMS). ISO 14001 is the principal management system standard that specifies requirements for the formulation and maintenance of an EMS. The certification confirms that Identiv operations meet the highest standards for environmental management and show a strong commitment to sustainability and environmental protection. The company also achieved the local Singapore Workplace Safety and Health Council bizSAFE level 3 compliance certificate designed to deliver workplace safety and health capabilities.
Identiv's leading healthcare and mobility customers have each provided compliance certifications with the highest standards. The recent achievements position Identiv with product innovation and sustainability awards in multiple categories.
"The increasing demand for RFID and NFC solutions to verify identities and security in the IoT are embedded in billions of everyday objects, including medical devices, books, toys, athletic apparel, perishables, and pharmaceuticals. We will continue to invest in increasing our capacity and bringing on new talent to create a digital identity for every physical object," said Khoshniyati.
Identiv, Inc. is a global leader in digitally securing the physical world. Identiv's platform encompasses RFID and NFC, cybersecurity, and the full spectrum of physical access, video, and audio security. Identiv is a publicly traded company, and its common stock is listed on the NASDAQ Stock Market LLC in the U.S. under the symbol "INVE".