ViVOtech, a provider of NFC-enabled hardware and software, has just finished their latest round of funding and have raised more than $24 million. The money comes from a wave of investors eager to support the growing NFC industry. Indeed, the technology is gaining momentum and more companies around the world are looking to incorporate NFC in their operations. The surge of money will help the company expand its ventures outside of the U.S. and further proliferate the use of NFC technology.
Google is one of the primary backers of ViVOtech, as their new Google Wallet mobile payment platform relies heavily on the company’s hardware. The company is also behind many of the NFC initiatives being launched around the world. The majority of these ventures are focused around the field of mobile commerce.
At one time, NFC was considered to be a new generation of mobile marketing tools, on par with the ever popular QR codes. The capabilities of the technology have progressed it beyond the field of marketing and it is now being considered the herald of a new era of digital commerce. This is the reason many investors have been pouring funds into ViVOtech with renewed enthusiasm. The company’s last two rounds of fundraising netted them more than $50 million.
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Much of the money is being used to bring NFC technology to other countries, taking advantage of the growing interest in mobile commerce.