HID Global and Motorola investing in INSIDE Contactless
07 January, 2008
category: Contactless, Financial, NFC
INSIDE Contactless has closed its most recent strategic funding round with new participants Motorola Ventures and HID Global. They join existing investors which include: Sofinnova Partners, Vertex Management, Vertex Ventures, Siparex, GIMV, EuroUS Venture, Granite Global Ventures, Visa Ventures, and recently announced Nokia Ventures. “This investment will allow INSIDE to expand and accelerate the development of our product lines, and create the conditions for a worldwide success in rollout of NFC,” said Remy de Tonnac, CEO of INSIDE Contactless.
INSIDE Contactless Closes Its Round C of Financing with Strategic Investment from Motorola Ventures and HID Global
AIX EN PROVENCE, France–INSIDE Contactless, the world leader in contactless payment chips and NFC technologies for mobile devices, today announced it has closed its most recent strategic funding round with the participation of Motorola Ventures and HID Global, which joins the company’s existing investors.
“The days of true mobile commerce on consumer devices inch closer to reality with contactless payment and NFC technologies,” said Reese Schroeder, managing director, Motorola Ventures. “Motorola Ventures supports companies shaping the future of mobile commerce and contactless payments. INSIDE Contactless’ products stand out in the marketplace and are valued for their ability to efficiently enable consumer devices with mobile commerce capabilities.”
“INSIDE has been a strategic partner of HID since 2001, and we appreciate the market leading positions in contactless payments and in the NFC marketplace which INSIDE has taken to date”, Denis Hébert, President and CEO of HID Global, an ASSA ABLOY company, “These strengths plus the convergence in contactless applications amongst payments, NFC, and access control were drivers to our investment decision”.
“We are honored to be associated with Motorola Ventures and HID Global – two world class organizations, leaders in their fields, and highly valued strategic partners,” said Remy de Tonnac, CEO of INSIDE Contactless. “This investment will allow INSIDE to expand and accelerate the development of our product lines, and create the conditions for a worldwide success in rollout of NFC.”
This closes the investment round announced in December, 2007. Motorola Ventures and HID Global now join existing investors which include: Sofinnova Partners, Vertex Management, Vertex Ventures, Siparex, GIMV, EuroUS Venture, Granite Global Ventures, Visa Ventures, and recently announced Nokia Ventures.
About INSIDE Contactless
As the only fabless semiconductor company focused exclusively upon contactless chip platforms, INSIDE Contactless is a market leader in Near Field Communication (NFC), contactless payments, and access control. Innovation in contactless technology has led to more than 55 patents granted to INSIDE, including several essential NFC technology patents. INSIDE is the #1 market share provider of contactless bank card technology in the world, with more than 35 million MicroPass intelligent payment platforms delivered from launch in 2005 through 2007. MicroPass, the 2007 Sesames “Best Hardware” award winner, powers cards issued by more than 20 global bank card issuers. Globally, more than 25 key partners, including major card manufacturers and handset providers, have successfully delivered contactless products such as payment & access cards, point of sale terminals, and NFC enabled mobile handsets which are ‘powered by INSIDE’. INSIDE Contactless is headquartered in Aix-en-Provence, France, with offices in Shanghai, Singapore, Poland, San Francisco, and Boston. For more information, please visit www.insidecontactless.com.
About Motorola
Motorola is known around the world for innovation and leadership in wireless and broadband communications. Inspired by our vision of seamless mobility, the people of Motorola are committed to helping you connect simply and seamlessly to the people, information, and entertainment that you want and need. We do this by designing and delivering “must have” products, “must do” experiences and powerful networks – along with a full complement of support services. A Fortune 100 company with global presence and impact, Motorola had sales of US $42.8 billion in 2006. For more information about our company, our people and our innovations, please visit http://www.Motorola.com.
About HID Global
HID Global is the trusted leader in providing solutions for the delivery of secure identity, serving customers worldwide with proximity and contactless smart card technologies; IP-based networked access solutions; secure and custom card solutions; photo ID and ID card application control software; high definition printer/encoders and secure card issuance solutions. Headquartered in Irvine, California, HID Global operates international offices that support more than 100 countries and is an ASSA ABLOY Group brand. To learn more, please visit www.hidcorp.com.
