ViVOtech Raises $24 million in Funding

ViVOtech, the near field communication (NFC) software and systems company, has raised $24 million in a multi-stage extension to its Series C round of funding. According to the officials from ViVOtech, the funding will be used in to drive ViVOtech’s rapid growth and accelerate expansion across the globe.

The funding was led by major investors like Singapore’s EDBI, SingTel Innov8, and Motorola Solutions Venture Capital, along with ViVOtech’s current financial and strategic investors Alloy Ventures, Citi Ventures, Draper Fisher Jurveston, DFJ Gotham, First Data Corporation, Miven Ventures, Motorola (News - Alert) Mobility, Nokia Growth Partners and NCR.

 “Businesses today are relying more on innovative solutions to enrich the retail experience,” said Chu Swee-Yeok, CEO of EDBI, in a statement. “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 (News - Alert) 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.”

Rahul Arora is a TMCnet contributor. He has worked as an editor and freelance writer for several reputed organizations in India. To read more of his articles, please visit his columnist page.

Edited by Rich Steeves