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   A Memorial University of Newfoundland Publication

July 24, 2003
 News

Cathexis Innovations: right on track


Cathexis Innovations is a name that many people are starting to take notice of. Started by four engineering graduates about two years ago, the company has come a long way from being an idea born of late night coffee drinking to a company attracting clients from all over the world. Their business – making Radio Frequency Identification (RFID) easy.

“RFID is a quick, flexible, reliable way to electronically detect, track and control a diverse range of inventory items,” explains Steve Taylor, Cathexis president. “It is a wireless tagging method with a tremendous potential to change the way many people conduct and track their assets.”

And what does the industry think of this latest trend? Well if there is one company that it would be beneficial to have on side it would be Walmart. The retail giant made barcode technology standard when they insisted their suppliers start using it. Recently they announced that all their suppliers must have RFID technology on board by the year 2005 if they want to continue to do business with them. According to Mr. Taylor, this gives the market a lot of confidence in this technology.

Now there are already many large, well-established companies in the business of end-to-end asset management solutions, so Cathexis has had to work hard to find their niche. But they certainly seem to have caught on to something.

“We did not set out to compete with companies that are already providing the complete system. Instead we want to be RFID enablers. We provide the technology platform that clients can use very easily to deploy the technology and best of all it can be integrated into their existing systems.”

Since taking this approach, Cathexis has been able to focus on building software that can allow this integration to happen seamlessly and cost-effectively. Realizing that people have a tendency to stick to what they know, they have made it their goal to make it as user-friendly as possible. And so far, clients have really responded to their approach.

They are currently working with a company in India helping them to track large containers being shipped around the country. They also recently entered into a working relationship with Micromain of Austin, Texas, a large asset management company. And locally they have a contract with the Offshore Safety and Survival Centre tracking fire fighters in real time while they carry out fire and rescue scenarios.

Cathexis plans to start implementing their marketing campaign and meeting with global leaders in the asset management business over the next six months. They are also looking for office space off campus and hope to be set up in their new location by the fall. But they will maintain a close connection with Memorial through the INCO Innovation Centre.

“Everyday is a learning opportunity for us and a chance to grow as a company,” adds Mr. Taylor. “We like to keep busy learning what works and what doesn’t. We are all very committed to making this company succeed.”

 


 


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Next issue: August 7, 2003

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