| Log in

Ojas-Backed Tyfone Raises $500K From Polaris

23 August, 2010

Ojas Venture Partners-backed Tyfone Inc, a mobile payments solutions company, has raised around $5 million in a new round of funding according to reports quoting a regulatory filing. What seems to be a part of this fundraising, it has raised $500,000 for 2.5% minority stake from a   unit of India’s Polaris Software Lab Ltd. This would value the six-year-old Portland-based company at $20 million.

Other investors in this round are not known. Ojas has confirmed to VCCircle that it has not exited in this round of funding without divulging anymore details. Ojas, the $35-million early stage venture fund floated by Infosys co-founder N S Raghavan, invested in February 2008.

Tyfone’s Asia-Pacific headquarters are located in Bangalore. Tyfone has manufacturing relationships in Taiwan and component partners in Israel, Germany, and Singapore. The firm was founded in 2004.

Earlier this year, the firm tied up with US-based payment processing major First Data Corporation  to provide MicroSD memory cards equipped with Tyfone’s patented technologies.This would help mobile phones with a memory slot to turn into a mobile contactless payment device.


Leave Your Comment
HDFC Takes Part In $5M Round In Tyfone

HDFC Takes Part In $5M Round In Tyfone

Madhav A Chanchani 7 years ago
India’s largest mortgage lender HDFC is investing in the $5-million Series...
Ojas Ventures Co-Invests In US-Based Social Gaming Start-Up Play140

Ojas Ventures Co-Invests In US-Based Social Gaming Start-Up Play140

Priyanka Banerjee 7 years ago
Bangalore-based Ojas Venture Partners, along with SOS Ventures of China,...
Ojas Venture Partners-backed assessment firm CoCubes looks to raise up to $6M afresh

Ojas Venture Partners-backed assessment firm CoCubes looks to raise up to $6M afresh

Diksha Dutta 4 years ago
Gurgaon-based online assessment firm CoCubes Technologies Pvt Ltd, which...
No Comments

Ojas-Backed Tyfone Raises $500K From Polaris

Powered by WordPress.com VIP