Friday, July 27, 2012

VIVOtech Shutting Down, Says Report

Santa Clara-based VIVOtech, the developer of NFC-based, contactless payment readers and systems, is shutting down, according to a report this morning from NFC Times. The report says that the firm, facing cash flow problems, is holding conference calls today to tell employees about the move to cease operations. VIVOtech has raised nearly $100M in venture capital, from such firms as Alloy Ventures, Citi, DFJ Gotham, Draper Fisher Jurvetson, First Data, Miven Venture Partners, Motorola, NCR, Nokia Venture Partners, the Singapore Economic Development Board, and SingTel Innov8. The firm's most recent round was in March.