Cupertino, Calif. – Mobeam, a Cupertino-based developer of communications technology that allows mobile phones to interact with laser scanners at retail checkouts, said on Monday it has raised $4.9 million in its first round of funding.

Participants included yet2Ventures, Samsung Ventures and Mitsui, as well as other independent investors. The company said it will use the proceeds to accelerate business development efforts with major consumer and retail brands.

Mobeam said it utilizes LED technology already used on the vast majority of handsets to transform barcodes into a beam of light that can be read by laser scanners found at most retailers. The company said the technology opens the door to previously impossible mobile commerce programs and services.

This article was also published in Bay Area Tech Wire.

Related link: