Santa Clara, Calif. — ViVOtech, which provides near-field communication (NFC) software and systems, announced Monday that they have raised $24 million in a new round of funding.
Motorola Solutions Venture Capital, Alloy Ventures, Citi Ventures, Draper Fisher Jurveston, Nokia Growth Partners and seven other companies participated in the Series C funding round. This brings ViVOtech’s total funding to $80 million.
The company, who was founded in 2001, has installed more than 800,000 NFC systems in many stores throughout 35 countries, including retailers such as Home Depot and McDonald’s as well as in taxi cabs and point of sale readers for Google Wallet.
NFC software enables smartphone users to make transactions, connect electronic devices and exchange digital content. The new funding will allow the company to expand their market in Asia and similar markets.
NFC technology is expected to reach $50 billion by 2014.