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.

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