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.
