October 03, 2011 09:47 AM Eastern Daylight Time
mobeam Closes Initial Venture Round
mobeam will drive evolution of mobile couponing and ticketing with new light based communications that enable mobile phones to send information to the more than 165 million red laser scanners already in use around the world
CUPERTINO, Calif.--(BUSINESS WIRE)--mobeam, inc. (www.mobeam.com) announced today that it has closed a $4.9 million Series A venture round, receiving funding from yet2Ventures, Samsung Ventures and Mitsui, together with other independent investors. mobeam’s patented technology overcomes the technical barrier preventing mobile phones from interacting with the laser scanners used at retail locations around the world. Funds from this multimillion dollar funding round will be used to establish mobeam’s light based communications (LBC) technology as a new industry standard allowing mobile phones to interact with point of sale (POS) technology. mobeam is also using these new funds to accelerate business development efforts with major consumer and retail brands for mobile couponing and other broad mobile commerce initiatives.
“mobeam’s technology addresses virtually every POS environment”
“Laser scanners are used in all major retail locations throughout the world, yet no current mobile technology can communicate with them, except for mobeam,” said Ben duPont, general partner of yet2Ventures. “Increasingly, mobile phones are the centerpiece of everyone’s daily lives, but in order to deliver a complete digital commerce experience they must communicate universally with scanners at point of sale. That’s the beauty of mobeam; ‘mobeaming’ a barcode works accurately and reliably every time, and it makes the technologies retailers already have far more useful while adding a new layer of intelligence gathering for retailers and brands.”
Due to the way mobile handset screens are constructed, even the most vibrantly displayed barcode cannot be read by the commonly used laser scanners found at point of sale in most retailers. mobeam technology affordably adapts existing mobile technology to already deployed retail POS infrastructure, opening the door to a wide range of previously impossible mobile commerce programs and services.
mobeam’s patented light based communication (LBC) technology utilizes LED technology already used on the vast majority of handsets to transform barcodes into a beam of light that every laser scanner can read. This technology makes it possible, for the first time, for a phone to present a coupon that can be easily and conveniently scanned and redeemed, without the need for retailers to upgrade their technology. Beyond mobile couponing, mobeam’s technology brings applications such as mobile ticketing and other mobile content enabled services to the next level.
“mobeam’s technology addresses virtually every POS environment,” said Chris Sellers, CEO of mobeam. “Not only is mobeam the only way to use light to interact with a laser scanner, our technology can also simultaneously display 2D images and initiate NFC transmission, making it possible for retailers, brands and device manufacturers to rethink mobile commerce. mobeam is solving a significant problem for consumers, brands, retailers and every other player along the retail value chain. The potential for mobeam’s light based communications technology – from mobile couponing to ticketing to mobile content – promises to be a tremendous industry game changer.”
About mobeam
mobeam, inc. is transforming mobile commerce with its unique and patented light based communications technology. Overcoming the technical barrier preventing mobile phones from interacting with laser scanners at checkout, mobeam’s technology provides universal access at point of sale (POS), enabling the transmission of coupons, gift cards, tickets and other barcode data at retailers worldwide. mobeam’s technology powers new capabilities for existing mobile phone designs, and requires no changes to retailer POS infrastructure. mobeam is headquartered in Cupertino, California. For more information visit www.mobeam.com.
About Samsung Venture Investment Corporation
Samsung Venture Investment Corporation manages investment and investment-related activities for Samsung affiliate companies. The investment mandate for Samsung Venture Investment Corporation tracks closely to the strategic priorities of Samsung affiliate companies' core operating divisions, and encompasses investments in semiconductors, displays, telecommunications, and consumer electronics.
About Mitsui
Mitsui Ventures is a venture investment arm of Mitsui & Co., Ltd. on a mission to invest in venture companies worldwide. Mitsui Ventures consists of MVC Corporation, investing mainly in Japan, China and other Asian countries with three offices in Tokyo, Shanghai and Beijing, and Mitsui & Co. Venture Partners, Inc., investing mainly in North America with two offices in New York and Silicon Valley.
About yet2Ventures
yet2Ventures is an Open Innovation venture capital fund and is affiliated with yet2.com, a firm that has offered intellectual property and licensing services globally since 1999. Yet2Ventures partners with industry and focuses on start-ups delivering revolutionary products to market, in medical devices, electronics, mobile, materials science, and consumer products. It has offices in; Boston, Tokyo, Liverpool, and Wilmington, Delaware. For more information on yet2Ventures and yet2.com, visit www.yet2ventures.com or www.yet2.com; or call 1-781-972-0600.
Contacts
Mobility Public Relations
John Sidline
+1 503-946-3311
mobeam@mobilitypr.com
Press kit: http://mobeam.mobilitypr.com
Twitter: mobeam
John Sidline
+1 503-946-3311
mobeam@mobilitypr.com
Press kit: http://mobeam.mobilitypr.com
Twitter: mobeam
