Verizon Ventures, the investment arm of US carrier Verizon, revealed that it has invested in software maker SimplyTapp. Verizon has added SimplyTapp to its portfolio by being the undisclosed lead investor in SimplyTapp’s $5.9 million Series B funding round. The company knows that HCE is the demand of the time. Through the funding provided, Verizon’s support for HCE can be seen. The investment was reported by SimplyTapp in November, 2014. Lightspeed Venture Partners and Blue Sky Capital were other investors in the round.
SimplyTapp is an Austin-based startup company which develops near field communication (NFC) payments technology. The company was founded by Ted Fifelski and Doug Yeager, and also has backing from Mozido. The company provides cloud-based services using HCE technology for Android developers. SimplyTapp’s service can be used by following segments:
- Banking: SimplyTapp’s NFC and HCE capabilities can be used by banks to equip their mobile apps to increase security.
- Retail: Gift cards and private-label cards can be supported by SimplyTapp.
- Transit: With SimplyTapp’s card virtualization capabilities, transport organizations can enable one-to-one access for passengers.
- Ticketing: Any type of ticket can be delivered to a user’s mobile device by SimplyTapp.
Vijay Doradla from Verizon Ventures has now joined the SimplyTapp board. He wrote a blog post about the SimplyTapp investment, “HCE can play a significant role in credential management with payments, offering the ability to create exact virtual representations of various electronic identity cards using only software. HCE may set the stage for a cloud-based credential management platform that could serve a host of diverse applications such as mobile payments, ticketing, and hospitality among others where any party can create a near field communication (NFC) credential for the mobile device.”