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Chances are, if you’ve shopped at Home Depot or gone to McDonald’s lately, you’ve seen one of ViVOTech’s credit card readers. The company, which develops hardware and software for digital wallets and mobile payments, announced a new round of funding Monday.
Near field communication (NFC) technology makes paying for purchases with your phone possible. You can transmit credit or debit card information from any mobile phone with an NFC chip to a compatible credit card terminal with a tap or a wave, allowing you to quickly pay for purchases like you’re a magician. ViVOTech is responsible for making most of these sensors and the software that handles the transactions.
The company’s technology also powers Google Wallet, Google’s NFC payment system, and Isis, the payment network AT&T, T-Mobile, and Sprint have set up.
ViVOTech isn’t alone in its NFC endeavor; other companies such as Sequent and PayPal have developed their own NFC systems and software.
ViVOTech is keeping quiet about the amount of money raised in this internal round, but says that the cash brings the company’s total funding to $96 million. Looking at previous funding the company has raised, my best guest is this round is about $22 million.
Founded in 2001, the company has been backed by Alloy Ventures, Draper Fisher Jurvetson, DFJ Gotham, First Data, Miven Ventures, NCR, Nokia Growth Partners, Motorola Ventures and Citigroup, among others.
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