DB eVentures, Deutsche Bank's private equity fund focussed on financial services, has invested $5 million in Israeli-based ComSense Technologies which has developed a reader-free Internet card. DB eVentures is joined by Marubeni Corporation and other major investors, bringing the total investment to nearly $10 million.
The ComSense reader-free wireless technology, dubbed ComDot, enables credit cards and other plastic cards to communicate with Internet-based applications through the use of soundwaves. Unlike existing smart cards, ComDot-powered cards do not require any card reader.
"Our relationship with DB eVentures goes beyond the investment. DB eVentures is creating business opportunities inside Deutsche Bank and elsewhere in the financial services sector," says ComSense CEO Alon Atsmon.
Matthias Brandl, director and chief investment officer at DB eVentures, comments: "We see enormous potential for the ComSense technology in financial services, online services, and communications. Anyone delivering services over the Internet or telephones can use ComDot-powered cards to add convenience and security. Because the card is reader-free, it will speed deployment, reduce market barriers, and minimise support costs for issuers using the ComSense card technology.
The three-year old ComSense says it will use the investment to expand production capacity for ComDot-powered cards and increase sales and marketing efforts in the US Europe, and Asia Pacific regions.
DB eVentures other investments include AlphaBlox, Financial Technologies International, FT Ventures, Gilian Technologies, Imediation, Platypus, Riskmetrics and Trema.