Tuesday, October 6, 2009
Semtek Details Series B Funding
San Diego-based Semtek, a developer of security technology for protecting magnetic stripe data on credit cards, has announced more details of the firm's Series B funding round. According to the firm, the round--which had been made public last week by investor VeriFone--gives VeriFone 19.9% of the fully diluted shares of Semtek. Other investors in the firm are Venrock and RRE Ventures, who were prior investors in the company. Semtek claims its security technologies are "highly effective" in stopping the theft of credit card data, and also stopping counterfeiting of payment cards. VeriFone and Semtek have been working together on a VeriFone branded product since April of 2008.