The funding will enable the company to capitalise on international opportunities in both the NFC and the RFID markets.
AIM-listed Innovision Research & Technology has announced that it has secured funding of nearly $9 million (£5.4 million) from existing and new institutional investors to take advantage of its position in the near field communication market.
The funding will be used to further develop and capitalise on opportunities for the UK-based company’s NFC Intellectual Property (IP) and tags and to help consolidate its position as a leading NFC IP technology developer.
In recent months, Innovision has signed three new NFC contracts and a joint licensing deal with NXP, all expected to lead to the development of a new generation of low cost NFC phones, as well as a major RFID contract in China.
“Our business model for NFC will continue to focus on propagating our IP with major semiconductor vendors for use in ‘combo’ and other chips designed for the mobile handset, laptop and consumer device markets,” says Innovision’s CEO, David Wollen. “We believe combo chips are a major growth area in handsets, combining multiple wireless functions, such as Bluetooth, WiFi, FM and GPS on a single chip.”
“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,” he added.