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Credo Ventures are spending their first fund pretty fast. Today Prague-based venture fund has announced that it backed  Intellitix, the event management solutions company which uses RFID technology to manage queues and pay for drinks. Intellitix received $3 million for expansion and technology development.

Intellitix provides technology and services to the event organizers such as music festivals to help them let people on the site quicker. The wrist bands, which company distributes to those who purchased the tickets ahead of time, contain an RFID tag. Applying the wristband to the gate, a visitor goes through fairly quickly, just like a skier getting access to the chair lifts at the ski slopes.

But this is not all. RFID-tags are also used to make payments. Remember the waiting time to get drinks at the festival stands? This can also be sped up, as a purchase can be made with a swipe of the wrist band.

Credit cards are often blamed for overspending, so I ventured an idea on my post today on TechCrunch Europe that by cutting the waiting time at the bar, and simplifying the payment process the festival organizers can easily earn more on drinks. Intellitix business model includes profit sharing, more sales, more money to the company, a fair deal. They probably help save cost of managing the gates as well, but the RFID-enabled wristbands may cost more.

Additionally the company suggests that by linking RFID tags to social media profiles, friends can be notified if others arrive at the event.  Not that it can not be done now with a simple check-in at Foursquare on the smart phone, but RFID tag can send the notification automatically.

A couple of words on the founder: Serge Grimaux, a Frenchman based in Prague, has been in the event ticketing industry for many years. Previously he founded a computerised ticketing company Ticketpro in Central and Eastern Europe and then took it global. With Intellitix he is doing it again, using new funds to expand to the new markets.

The deal appears to be an expansion capital investment, although Intellitix is only one year old and already profitable. Since its establishment, the company activated over one million RFID Tags at festivals including Coachella, Bonnaroo, Lollapalooza, Outside Lands, Electric Zoo and Austin City Limits.