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Posted by Seth PlanckJune 30th, 2011 at 9:06 PM Filed Under Latest News
ViVotech gets a funding lifeline, now they have to redefine their business model
ViVotech gets a funding lifeline – it announced on Monday that it has secured a series C funding round worth $24 million dollars from old and new investors. The new investors include Motorola Solutions Venture Capital, SingTel and Innov8. Previous angels also invested more capital in the 10-year-old startup including Alloy Ventures, Citi Ventures, Draper Fisher, Jurveston, First Data, Motorola Mobility and Nokia Growth Partners. The company launched in 2001, is yet to make a profit and thus far has received $90 million in funding. However, with the acceleration of adoption and interest in NFC this year, ViVotech may be primed to come into its own. That interest, coupled with ViVotech being named one of the launch partners in the Google Wallet mobile wallet product, must have convinced investors that it was worth ensuring ViVotech gets a funding lifeline. Well that and for the protection of old investments, as no return comes from a dead company.
ViVotech has some big players rooting for them as they receive their funding lifeline
Speaking about ViVotech’s funding lifeline, Chu Swee-Yeok, CEO of EDBI said, “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.”