Innovision Secures NFC Funding
- Monday, August 3rd, 2009
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Innovision Research & Technology has secured funding of almost $9 million (5.4 million) from existing and new institutional investors to further progress in the Near Field Communication (NFC) market. The company says the funding will be used to further develop and capitalise on opportunities for its NFC Intellectual Property (IP) and tags and help consolidate its position as a leading NFC IP technology developer.
Innovision notes that three new NFC contracts, a major RFID contract in China and a joint licensing deal with NXP, all secured in the first half of 2009, have provided a strong start to the year. The company has also joined the board of the NFC Forum, alongside Sony, Mastercard and Nokia.
Innovision has licensed its NFC technology to some of the worlds largest global semiconductor companies, and says it is now working with them to incorporate its NFC IP into chips aimed at the mobile handset market. Once they reach production, Innovision expects that each deal could generate significant royalty revenue streams over several years, securing the company's NFC IP into NFC handsets shipped from 2012 onwards. Ultimately, the company says it sees its tag technology enabling a multitude of applications and smart objects.