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Ojas-Backed Tyfone Raises $500K From Polaris

By Madhav A Chanchani

  • 23 Aug 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.

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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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