Semtek Innovative Solutions Corp., a San Diego-based provider of a point-of-sale device hardware component that eliminates the need for payment card data to be used or stored within merchant's payment systems, has raised an undisclosed amount of Series A funding. RRE Ventures and Venrock co-led the deal, and were joined by VeriFone Holdings Inc.
Semtek Innovative Solutions Corporation announced today the closing of its Series A round of equity financing. RRE Ventures and Venrock co-led the financing and were joined in the round by strategic investor VeriFone Holdings, Inc. (NYSE: PAY).
Semtek is commercializing a point of sale device hardware component that eliminates the need for payment card data to be used or stored within merchant's payment systems, thereby eliminating the risk of data breaches related to inadequate merchant level security.
Semtek's technology enables a massive improvement in security for the payment card industry, a sector that has been hit very hard by data security compromises over the last several years. Semtek's technology is highly promising because it can be implemented with virtually no disruption to merchants or the broader payments networks and yet delivers an unprecedented level of security at a very low cost. The technology also enables the identification of counterfeit cards in real time, a decisive tool for combating card counterfeiting. Semtek's device, known as the Cipher Security Module