ViVOtech closes $24m series c funding round extension

Source: ViVOtech

ViVOtech, the near field communication (NFC) software and systems company, today announced it has closed $24 million in a multi-stage extension to its Series C round of funding.

The extension featured notable new investors Singapore's EDBI, SingTel Innov8, and Motorola Solutions Venture Capital, which were joined in the round by ViVOtech's current financial and strategic investors Alloy Ventures, Citi Ventures, Draper Fisher Jurveston, DFJ Gotham, First Data Corporation, Miven Ventures, Motorola Mobility, Nokia Growth Partners and NCR.

The funds will be used to drive ViVOtech's rapid growth and accelerate expansion into more countries beyond the 35 where ViVOtech NFC software and systems are used today.

ViVOtech's NFC software and systems enable rich mobile commerce solutions for in-store payment, loyalty, marketing, and merchandising. Founded in 2001, ViVOtech provides key building blocks of the NFC ecosystem: smart applications for enhancing the customer experience, wallet and trusted service manager (TSM) software, and point of sale systems.

"Businesses today are relying more on innovative solutions to enrich the retail experience," said Chu Swee-Yeok, CEO of EDBI. "ViVOtech has emerged as the clear leader in this field, with its unique end-to-end NFC-based mobile commerce solutions that are successfully gaining traction with its customers globally. With our investment, ViVOtech will be able to leverage EDBI's extensive industry networks and understanding of Asia to capitalize on opportunities created by the vibrant mobile commerce industry in the Asia Pacific region. We also look forward to the setting up of ViVOtech's Global Centre of Excellence in Singapore to commercialize innovative mobile commerce applications for the international markets."

"As part of Asia's leading communications group, with access to over 400 million mobile subscribers in the region, SingTel Innov8 is searching for innovative technologies to invest in that will help the SingTel Group deliver exceptional customer experience," said Yvonne Kwek, CEO of SingTel Innov8. "With NFC set to revolutionize the mobile commerce market, it is important for us to partner with ViVOtech, one of the pioneers in this space, as they expand their global presence."

"With retail being a key vertical market for Motorola Solutions, it is important for us to identify and invest in solution providers that offer technologies that can have a major impact on the retail ecosystem," said Tony Palcheck, managing director of Motorola Solutions Venture Capital. "ViVOtech is one of a select group of companies that have the technology, vision and expertise that provides a unique benefit to major retailers, banks, credit and loyalty card providers, carriers and ultimately consumers."

"Citi has been a ViVOtech investor for more than three years because we see them as a key player in the mobile payments ecosystem," said Chris Kay, managing director, Citi Ventures. "Citi Ventures' goal is to develop and commercialize the highest new growth opportunities that directly support Citi's strategic directions and that foster emerging technologies. We're happy to work toward this goal with leading companies like ViVOtech."

"ViVOtech has worked long and hard over the last 10 years to establish ourselves as a leading enabler of in-store mobile commerce," said ViVOtech CEO, Michael (Mick) Mullagh. "The market is on the verge of rapid growth and we are gratified by the support and validation of our stellar group of strategic and financial investors. We particularly welcome our new investors from Singapore, EDBI and SingTel Innov8, and Motorola Solutions. In and of themselves our investors represent a mini NFC ecosystem. By collaborating with them and our partners and customers, we will stay on the leading edge of innovation and the development of merchant and consumer friendly applications."

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