Motorola Ventures Leads Investment Round in Scanbuy, Inc.
Scanbuy’s “ScanLife” technology allows companies to connect customers with digital content using barcodes and camera phones
Feb. 02, 2010
SCHAUMBURG, Ill. and NEW YORK – February 2, 2010 – Motorola, Inc. (NYSE: MOT), through its strategic investment arm, Motorola Ventures, today announced an investment in Scanbuy, Inc., a leader in mobile barcode solutions. Motorola acted as lead investor and was joined by Masthead Venture Partners, Hudson Ventures and select private investors. Financial terms of the investment were not disclosed.
Scanbuy’s “ScanLife” platform provides a fast and easy way for advertisers to provide digital information to consumers through the use of barcodes and camera phones. With ScanLife, businesses can place one- or two-dimensional barcodes on their product packaging or in a magazine ad or other type of media. By using their ScanLife-enabled camera phones to view the barcode, consumers can immediately access information such as product reviews, price comparisons and coupon offers. With one click, users can link to a website, launch a video or share information via social networking tools like Facebook or Twitter. Barcodes placed on outdoor signage can connect people with information and directions to stores or other points of interest.
Business users can access the ScanLife Code Management Platform to track and analyze data such as scan quantities and locations, empowering them to better understand consumer habits and further target their advertising. Millions of people around the world already have ScanLife on devices using major operating systems like Android, BlackBerry OS, iPhone OS, Java and Symbian, extending the reach and power of the platform.
“Motorola has looked at this market very carefully and believes that Scanbuy has the best combination of technology and strong ecosystem partners in its space,” said Reese Schroeder, managing director of Motorola Ventures. “Mobile barcodes are an extremely powerful tool for consumers, businesses and wireless providers, which makes this opportunity very exciting for Motorola. The camera quality, display capability and processing power of today’s smartphones, coupled with advanced network speeds, now enable consumers and the advertising community to fully take advantage of mobile barcode technology.”
“We have spent the last couple of years securing partnerships with leaders in the wireless ecosystem that now will set the stage for the expansion of mobile barcode technology around the world,” said Jonathan Bulkeley, chief executive officer of Scanbuy. “We are thrilled to have a strategic investor like Motorola involved at this next stage of development. Their expertise and resources will contribute to mass adoption of this great technology.”
About Motorola Ventures
Motorola Ventures is the global, strategic equity investment arm of Motorola. Its diversified portfolio focuses on “new-idea” companies and opportunities that complement Motorola’s business strategy. Motorola Ventures invests at all stages in developing companies to accelerate access to new technologies, new markets and new talents. For more information, please visit www.motorola.com/ventures.
About Scanbuy, Inc.
Scanbuy is the leading global provider of mobile barcode solutions that use the camera phone as the link between the physical world and the digital world. The ScanLife solution consists of a multi-barcode reader application and an interoperable Code Management Platform. The technology has been successfully deployed and supported by leading mobile providers and handset manufacturers in North America, Latin America, Western Europe, and Asia. Media companies and marketers use the solution to create and manage measurable mobile barcode campaigns, extending brand engagement onto mobile devices. Scanbuy has the largest and oldest patent portfolio of any company in the industry, with over 30 patents granted covering the entire solution. The company's investors include Motorola Ventures, Masthead Venture Partners and Hudson Ventures. For more information on Scanbuy, please visit www.scanbuy.com or www.scanlife.com.
Motorola is known around the world for innovation in communications and is focused on advancing the way the world connects. From broadband communications infrastructure, enterprise mobility and public safety solutions to mobile and wireline digital communication devices that provide compelling experiences, Motorola is leading the next wave of innovations that enable people, enterprises and governments to be more connected and more mobile. Motorola (NYSE: MOT) had sales of US $22 billion in 2009. For more information, please visit www.motorola.com