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Mumbai Feb 21 GVFL will invest an initial Rs 80 lakh in RapidRadio Solutions Pvt Ltd, a technology start-up spun off from the Nirma Labs incubator programme.

RapidRadio marks GVFL's first investment in a start-up from an academic incubator programme. RapidRadio Solutions began its operations in 2005 in the area of RFID (Radio Frequency Identification) technology. GVFL will make the seed stage investment from its Rs 27 crore Gujarat IT Fund.

"We are now stepping forward into campus incubation programmes to identify and nurture promising ideas and entrepreneurs," says Mr Vishnu Varshney, CEO of GVFL Ltd.

"Radio Frequency Identification is a next-generation tool of AIDC technology that facilitates business processes automation.

RapidRadio with its expertise in RFID technology is focusing on designing, developing, innovating and deploying RFID hardware solutions.

The funding will support our rapid growth plans. We will be deploying the funds for expanding our product range to include Ultra-High Frequency (UHF - 900 MHz) products and also developing Active RFID-based products," says Mr Dhaval Kotecha, CEO of RapidRadio.

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