Mobeam bags extra $1.5m | Mobile Payments | Mobile Entertainment

Mobeam bags extra $1.5m

Mobeam bags extra $1.5m
Tim Green

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Payments / Coupons & Barcodes / February 6th 2012 at 10:33AM

Coupon firm adds to the $4.9 million Series A round secured in October 2011.

Mobeam’s technology remove the 'technical barrier' that prevents phones from communicating with the 165m POS red scanners in use worldwide. It uses LED to transform barcodes into a beam of light that every laser scanner can read.

The firm is currently partnering with Procter & Gamble on a pilot project.

This new VC round adds new investor DFJ Athena as well as new funds from existing investor and board chairman Ben DuPont.

DFJ Athena’s founder and managing director, Perry Ha, also joins Mobeam’s board of directors.

“Coupons are the missing link in the mobile commerce value chain,” said Perry Ha, founder of DFJ Athena.

“With a global retail infrastructure already in place that utilises a very widely accepted standard for coupon scanning – one dimensional barcodes, or UPC symbols – what is necessary is for the mobile technology to embrace that infrastructure.

"The most elegant way to do that is through a software solution. With many handset makers in Korea, DFJ Athena believed investing in mobeam’s software based solution was an obvious choice.”