ViVOtech Announces Closing of Additional Series C Financing
ViVOtech has announced that it has closed an $8.6m extension to its Series C round of funding from its existing investors, bringing the total investment in its series C round to more than $40m. Separately, the company also announced that it has been awarded a key NFC-related software patent by the United States Patent and Trademark Office. Patent number 7,469,151 was awarded on December 23rd 2008 and covers" a broad range of methods, systems and products for over the air (OTA) provisioning of credit, debit, prepaid, loyalty and other payment or non-payment cards into mobile phone devices through wireless networks or the internet."
“By making such a significant investment in these difficult times our investors continue to demonstrate their belief and commitment in the vision of contactless and mobile payments and promotions, and their continued trust that ViVOtech is the company that can best execute and deliver on this vision,” said Michael Mullagh, ViVOtech CEO.
“This funding will provide the foundation for ViVOtech to continue to maintain its market leadership in enabling contactless and NFC payment acceptance at tens of millions of merchant locations worldwide, and to implement its unique patented over-the-air card provisioning, mobile payments and promotion infrastructure software for the commercialization of NFC based mobile payments and marketing which we expect to see gain significant momentum in 2010.”
Near Field Communication (NFC) technology broadens the use of mobile devices by enabling interactivity with contactless payment systems at the point-of-sale, ATMs and kiosks. A variety of innovative, consumer friendly, profitable new applications beyond payment will follow through the power of NFC and contactless, including: in-store real time personalized loyalty, coupon and promotion programs, user authentication for self service check-in at airlines and hotels, and more secure ATM transactions.
“Billions of phones and cards can be enabled with these new applications at tens of millions of locations,” Mullagh added. “ViVOtech, through its comprehensive Contactless and NFC technology, and ViVOtech’s investors, through their financial support and market insight, are together pioneering these applications to take advantage of the huge opportunities ahead.”
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