Zumigo, a US-based provider of mobile device location and identification software, has raised $6m in a series B round led by Intel Capital, the corporate venturing unit of semiconductor manufacturer Intel.
Venture capital firm Aligned Partners also participated in the round, which will support product development and investments in Zumigo’s sales and marketing teams.
Zumigo works with financial institutions to enable secure payment transactions and prevent fraud for retailers and consumers, using a customer’s mobile phone location to determine whether they have made particular financial transitions.
Chirag Bakshi, Zumigo’s chief executive, said: “This new financing validates our direction and success, and will accelerate growth in our core business of providing mobile location and identity products to financial organisations and enterprises alike.”
Zumigo is an inaugural member of the Wells Fargo Start-up Accelerator programme, which invests between $50,000 and $500,000 in companies that could help improve the future experiences of financial services firm Wells Fargo’s customers. The round brings Zumigo’s overall funding to approximately $7.7m.