Investment institutions involved in this round of financing include Singapore EDBI, SingTel Innov8 Investment Fund, Motorola Solutions Venture Capital, Alloy Ventures, Citibank Investment, Draper Fisher Jurveston, DFJ Gotham, First Data Corp. Miven Ventures, Motorola Mobility, Nokia Growth Partners and NCR.
Founded in 2001, ViVOtech develops paid software, near-field communication smart posters, contactless reading and writing devices, wireless soft cards, and transaction management device software. ViVOtech has installed more than 800,000 NFC systems in 35 countries, and its card readers are used by well-known retailers such as McDonald's, HomeDepot and WholeFoods.
Near field communication technology allows users to complete digital transactions by simply connecting to electronic devices and exchanging digital content. Android phones such as NexusS have built-in near-field communication chips, so these phones have the mobile wallet function. It is not clear whether Apple will add near field communication technology to the iPhone 5.
ViVOtech said the new funding will be used to expand the company's near field communications software and systems business in Asia and beyond.
ViVOtech regularly licenses mobile payment technology to other companies. Recently, Google has adopted ViVOtech's technology in its GoogleWallet service.
If the merchant is willing to use the GoogleWallet payment service, ViVOtech will provide a near field communication sales terminal reading device. In addition, ViVOtech has partnered with Google, merchants and point-of-sale (POS) software developers to provide near-field communication POS reading devices and POS software integration services.
It is reported that ViVOtech plans to conduct an initial public offering in 2012. According to Bloomberg Businessweek, ViVOtech has an 80% share of the US near-field communications reader market with sales of tens of millions of dollars. By 2014, the total market for near-field communications is expected to reach $50 billion.
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