Tyfone picks up $5m investment

By Sarah Clark • nfcworld.com • 19 August 2010, 22:59

NFC specialist Tyfone has raised additional funding of US$4,963,364, according to a newly published SEC filing.

Tyfone first announced in January 2009 that it had developed a microSD format NFC solution that could be retrofitted to existing mobile phones and was granted a patent covering the use of a memory card as an electronic wallet and the ability to use that memory card for the secure transmission of financial information later the same year.

In March this year Tyfone announced it would be ready to field test its technology during the second half of 2010 and signed a deal with First Data that was expected to lead to the payments processing giant providing its customers with near field communication solutions based on Tyfone's technology.

"We aren't making a public statement on this just yet," Tyfone's Carol Grunberg told NFC World when contacted for details of the investment, but further information is expected to be made available in the near future.

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