Mobile banking leader mFoundry says it raised $18 million from a consortium led by MasterCard Inc. Intel Capital, FIS and Motorola Mobility also participated in the round. MFoundry will use the funds to develop new payments-related mobile products. California-based mFoundry already has 600 mobile banking and payments customers, including Starbucks. The Starbucks Card Mobile has received national attention as a successful implementation of a mobile payments program for a retailer.
ReVerb Networks has raised $7 million and has released an antenna-based self-optimizing network solution for LTE networks. The Virginia company says the funding was arranged by Swiss venture capital firm Friedli Corporate Finance.
New York’s Vringo (Amex: VRNG) says a new round of financing will eliminate its debt and provide cash for growth. The company has raised $3.35 million by converting $2.5 million of convertible notes into common stock and issuing 817,000 new shares of common stock. The convertible notes were previously issued by Benchmark Capital and DAG Ventures, venture capitalists that were early investors in eBay, Twitter and Zipcar. Vringo makes video ringtone applications, and its patented VringForward technology allows users to send a video when they call someone.
Cloud application services provider Iron.io of San Francisco has raised $1.4 million in seed funding. The company says its IronMQ service is now in public beta. IronMQ follows the company’s existing product, IronWorker. Both products are marketed to application developers as tools for managing workflow.
