Inside Contactless has raised an additional $4 Million in order to conclude its third round of funding worth $42 Million. It is actually a company that produces chips for contactless payments. The French company, Aix-En-Provance, was already backed by two big companies including Nokia Growth Partners and Nokia Ventures.
As the name suggests, Contactless technology facilitates protected communication between two devices e.g. card to reader or reader to reader through 13.56 MHz ISO standard. A contactless chip which can be found in any device (card, fob, cell phone, PDA, etc.), runs secured applications for payment, access control, content exchange, transport or ID.
Paying tolls on highways using special devices is one of its major uses in US. An interesting feature of Inside Contactless is its MobileRead chip which works even when the mobile device is switched off.
The current funding was raised from Samsung Ventures America.