Innovision Research & Technology has secured funding of nearly £5.4m from existing and new institutional investors to take advantage of its strong position in the growing Near Field Communication (NFC) market.
The Cirencester-based company will use the funding to further develop and capitalise on opportunities for its NFC Intellectual Property (IP) and RFID tags and help consolidate its position as an NFC IP technology developer.
Innovision said in a statement that it has licensed its NFC technology to some of the world’s largest global semiconductor companies and is working with them to incorporate NFC IP into chips aimed at the mobile handset market.
Once they reach production, Innovision expects new deals to generate significant royalty revenues over several years, securing the company’s NFC IP into NFC handsets shipped from 2012 onwards.
‘The NFC market is getting very positive headlines, with statements from payment processors, mobile network operators and handset manufacturers,’ said David Wollen, chief executive of Innovision.
‘With the market for contactless applications such as limited-use ticketing continuing to develop both in domestic and international markets, we want to make sure we maximise our opportunities in this important space.’
‘We’re very encouraged by the support and confidence in us that this funding from major institutional investors demonstrates, especially in what is still a relatively depressed market environment. Raising these funds gives us the headroom to take advantage of our strong position in key high-growth markets for both NFC and RFID technology.’