US-based industrial conglomerate 3M’s corporate venturing unit has taken a stake in Germany-based MotionID Technologies, which is developing an electronic payments system for vehicles.
3M New Ventures invested an undisclosed amount but tends to back companies where it is the sole and first institutional investor.
Under the Viatag trademark, MotionID’s radio-frequency tag is attached to the windshield so the vehicle has a contactless identification and payment function used when parking in garages or at petrol stations and car washes.
Stefan Gabriel, president of 3M New Ventures, said: "In the area of intelligent mobility, there are numerous applications where this technology can be applied in cooperation with 3M."
Christian Utz, chief executive of MotionID, added: "In 3M we have found the perfect partner for the impending roll-out and growth in new global markets.
"3M can facilitate market entry, not only by providing sales support, but also additional technological know-how without restricting our entrepreneurial freedom."