ViVOTech Inc., a Santa Clara, Calif.-based provider of wireless payment software and chips, has raised an undisclosed amount of strategic funding from Motorola Ventures. Earlier this year, ViVOTech raised $22.5 million in Series C funding from First Data Corp., NCR, Miven Venture Partners and return backers Alloy Ventures, Draper Fisher Jurvetson and Nokia Growth Partners.
Motorola, Inc. (NYSE: MOT) through its Motorola Ventures strategic venture capital arm, today announced that it has made an equity investment in ViVOtech Inc., an acknowledged leader in contactless and mobile phone payment technologies. Financial terms of the deal were not disclosed.
Unlike other contactless technology offerings available on the mobile application market today, ViVOtech’s platform is designed for easy collaboration among issuers, mobile operators and technology providers to deliver the most intuitive and integrated consumer experience across a range of new customer services.
“Motorola continues to invest in new technologies that enable consumers to expand the value and functionality of the mobile phone,” says Reese Schroeder, managing director, Motorola Ventures. “This investment reflects Motorola’s commitment to building and participating in a world class mobile commerce ecosystem.”
“ViVOtech creates more value for financial institutions and retailers by enabling the electronic payment transaction process,” said Michael Mullagh, ViVOtech’s chief executive officer. “Our platform is transforming the way consumers spend money, make payments and purchases — making it so simple that any mobile phone user can securely and easily buy items with a simple wave of the mobile device at one of our NFC-powered contactless readers.”
Today’s on-the-go consumers are looking for simplified and more secure ways to pay for goods and services. Near Field Communication (NFC) technology is broadening the usefulness of mobile devices through short-range wireless connectivity which enables the phone to interact with payment systems for a wide variety of transactions, including those at the point-of-sale, ATMs and kiosks. Additionally, this connectivity allows for location-based personalized loyalty, coupon and promotion programs, and user authentication for check-in at airline and hotel self-service stations. ViVOtech’s comprehensive NFC technology offerings enable these new mobile features to provide best-in-class payment transactions at merchant locations all over the world.
ViVOtech 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 world. With more than 330,000 units deployed in 27 countries, ViVOtech products are used at movie theaters, fast food restaurants (QSR), casual dining establishments, convenience stores, gas stations, drug stores, grocery stores, buses, taxicabs, kiosks and vending machines, enabling a wide variety of businesses to accept Contactless/NFC payments and promotions. In addition to Motorola, ViVOtech’s investors include First Data Corporation, NCR, Nokia, Alloy Ventures, Draper Fisher Jurvetson, DFJ Gotham Ventures, Miven Venture Partners, and an undisclosed Fortune 500 company. For more information about ViVOtech’s innovative solutions please visit http://www.vivotech.com .
Motorola is known around the world for innovation and leadership in wireless and broadband communications. Inspired by our vision of seamless mobility, the people of Motorola are committed to helping you connect simply and seamlessly to the people, information, and entertainment that you want and need. We do this by designing and delivering “must have” products, “must do” experiences and powerful networks — along with a full complement of support services. A Fortune 100 company with global presence and impact, Motorola had sales of US $42.8 billion in 2006. For more information about our company, our people and our innovations, please visit http://www.Motorola.com .