Inside Contactless has recently closed of a Euro 9 million (approx. US$10.6 million) financing round led by three new top tier investors: Sofinnova, Vertex Venture Capital (Israel) and Visa International. Prior round investors GIMV, Vertex Singapore and Siparex have also participated.
     The company intends to use the new funds for the expansion of its business in the key growth markets for contactless payments and mobile NFC (near field communication). The company says it also aims to use the funds to strengthen its management team by hiring new executives to help expand the business globally. 116.30.142.201 This article is copyright 2005 UsingRFID.com.

Chip development
     The company''s dedicated chip, MicroPass, is based on a proprietary 16-bit RISC processor that allows for complex and secure applications with fast transaction times and optimal reading distances. R&D investments will be increased for the creation of a whole family of products for these targeted markets.

     "This new investment round gives us the financial means to succeed in the payment and NFC markets," said Jacek Kowalski, Inside''s founder, president and CEO. "A few years ago we took the challenge to develop a dedicated and optimized microprocessor architecture and our product''s performance shows that we have taken the right decision."

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