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Inside Contactless Adds Samsung Ventures America to Investor Community
(Wireless News Via Acquire Media NewsEdge)
Inside Contactless, a supplier of advanced contactless microprocessor
platforms, has added Samsung Ventures America to its active investor
community.
According to company officials, Samsung Ventures' participation builds
upon investments from Nokia Growth Partners, Motorola Ventures and
other institutional investors, providing a total of nearly $42 million.
"The participation of the top three global handset manufacturers in
this round of funding is a ringing endorsement of INSIDE's leadership
in the emerging near field communication (NFC) market, and gives us a
strategic advantage with the key players in the industry," said Remy de
Tonnac, CEO of INSIDE Contactless. "As the NFC market progresses, we
are hopeful that these partnerships will prove invaluable in propelling
us forward to power the NFC revolution and extend our leadership."
According to a recent report from ABI Research, Near Field
Communication (NFC) chipset shipments and revenue will continue to grow
steadily over the next five years, with over 419 million NFC chipsets
shipping in 2012, amounting to total market revenue of $406 million.
"We are optimistic about NFC technology's ability to bring exciting new
payment and other applications to mobile handsets, and INSIDE's
leadership in moving this market forward is impressive," said Brian
Kang, managing director of Samsung Ventures America. "Our investment
expresses our confidence in INSIDE's ability to continue its success
not only in the contactless payment market but also in the emerging NFC
technology for mobile phones."
According to the company, Samsung Ventures America now joins Inside's
existing investors which include Motorola Ventures, Nokia Growth
Partners, HID Global, Sofinnova Partners, Vertex Management, Vertex
Ventures, Siparex, GIMV, EuroUS Venture, Granite Global Ventures and
Visa Ventures.
The Inside MicroRead RF chip was selected as the winner of the GSM
Association's (GSMA) 2008 Mobile Innovation Global Award for Most
Innovative Device-Centric Technology, according to the company.
The MicroRead chip has been adopted by several handset manufacturers
across the globe, and also is a part of the GSMA's Pay-Buy-Mobile
initiative, a program that provides a single approach to enabling
contactless payments using mobile phones, according to company
officials.
Samsung Ventures America manages US and Global investment and
investment-related activities for Samsung Electronics and Samsung
Venture Investment Corp.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
((Distributed on behalf of 10Meters via M2 Communications Ltd -
http://www.m2.com))
((10Meters - http://www.10meters.com))
Copyright ? 2008 Wireless News
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