According to a written statement, mobeam, Inc., a Cupertino, California-based provider of patented light based communications technology that allows mobile phones to interact with laser scanners at checkout, has closed a $4.9m Series A venture round.
Investors include yet2Ventures, Samsung Ventures and Mitsui, as well as other independent investors.
The company intends to use the funds to advance its technology and expand business development efforts with major consumer and retail brands for mobile couponing and other broad mobile commerce initiatives.
mobeam’s technology, which utilizes LED technology to transform barcodes into a beam of light that every laser scanner can read, makes it possible to transmit gift cards, tickets and other barcode data at retailers worldwide by mobile phone.
Founded in 2010 as a spin-off from its parent company Ecrio Inc., the company is led by CEO Chris Sellers, Chairman and Chief Strategy Officer Nagesh Challa, and Chief Technology Officer Rao Gobburu.