ViVOtech Closes an $8.6m Extension to its Series C Round of Funding
SANTA CLARA, Calif. - (AllPayNews.com) Silicon Valley-based ViVOtech, the leading infrastructure provider for Contactless and Near Field Communication (NFC) mobile payments and promotions, announced today 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.
“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.”
ViVOtech (www.vivotech.com) is the market leader in Near Field Communication (NFC) mobile payments, promotions and Over the Air (OTA) provisioning infrastructure software, transaction management software, NFC smart posters, and contactless terminals. These innovative solutions allow millions of consumers to make contactless payments with radio frequency-enabled credit/debit cards, fobs and NFC mobile phones. ViVOtech's products are used by the most prominent retailers all over the globe and today the company has shipped over 470,000 contactless terminals to more than 35 countries worldwide. In 2009 ViVOtech received the prestigious Frost and Sullivan North American Smart Cards Product Line Strategy of the Year Award. In 2007 & 2008, ViVOtech has been named #1 in ABI Research’s Contactless & NFC Reader Ranking Report. ViVOtech was also recognized as Top Contactless Payment Technology Vendor in Aberdeen Group’s “Retail Contactless Payment Report.” ViVOtech’s investors include Alloy Ventures, Citi, Draper Fischer Jurvetson, DFJ Gotham, First Data, Miven Ventures, Motorola Ventures, NCR, and Nokia Growth Partners.
Kristin Miller, 719-634-8292