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Inside Contactless secures funding

07 January 2008  |  1608 views  |  0 Source: Inside Contactless

Inside Contactless, the world leader in contactless payment chips and NFC technologies for mobile devices, today announced it has closed its most recent strategic funding round with the participation of Motorola Ventures and HID Global, which joins the company's existing investors.

"The days of true mobile commerce on consumer devices inch closer to reality with contactless payment and NFC technologies," said Reese Schroeder, managing director, Motorola Ventures. "Motorola Ventures supports companies shaping the future of mobile commerce and contactless payments. INSIDE Contactless' products stand out in the marketplace and are valued for their ability to efficiently enable consumer devices with mobile commerce capabilities."

"INSIDE has been a strategic partner of HID since 2001, and we appreciate the market leading positions in contactless payments and in the NFC marketplace which INSIDE has taken to date", Denis Hébert, President and CEO of HID Global, an ASSA ABLOY company, "These strengths plus the convergence in contactless applications amongst payments, NFC, and access control were drivers to our investment decision".

"We are honored to be associated with Motorola Ventures and HID Global - two world class organizations, leaders in their fields, and highly valued strategic partners," said Remy de Tonnac, CEO of INSIDE Contactless. "This investment will allow INSIDE to expand and accelerate the development of our product lines, and create the conditions for a worldwide success in rollout of NFC."

This closes the investment round announced in December, 2007. Motorola Ventures and HID Global now join existing investors which include: Sofinnova Partners, Vertex Management, Vertex Ventures, Siparex, GIMV, EuroUS Venture, Granite Global Ventures, Visa Ventures, and recently announced Nokia Ventures.

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