Remember Alien Technology, the Morgan Hill maker of radio-frequency ID technology that two years ago unsuccessfully tried to sell 9 million shares with the proposed ticker symbol of RFID at $10 to $12 a share in an initial public offering to be underwritten by its investment bankers led by Bear Stearns? (Hey, remember Bear Stearns??)
Alien has secured a significant new chunk of venture funding. “Despite challenging U.S. economic conditions,” said the company in a press release understatement Monday, it raised a $38-million round led by existing investors Advanced Equities, New Enterprise Associates, Rho Ventures and Sunbridge Partners.
Alien ended up withdrawing its initial public offering in August 2006 after its bankers couldn’t get any takers for the shares at the reduced price of $6 a share. The company then laid off workers in order to conserve cash before landing a $33 million round of new funding in early 2007, which brought total venture funding in the company at that time to more than $291 million. It’s well north of that now.