Sound-based payment firm Tonetag raises Rs 35 crore from Qualcomm Ventures
Bengaluru-based Tonetag, a deeptech startup which focusses on sound-based payment systems, has raised Rs 35.16 crore ($3.8 million) from Qualcomm Ventures, according to documents accessed from the ministry of corporate affairs.
This round comes a year after Tonetag said it had secured $78 million in a mix of primary and secondary capital from private equity fund ValueQuest, venture fund Iron Pillar, and Elevate Capital.
US-based Qualcomm Ventures is an investor in Indian startups like Bounce, MapMyIndia, Shadowfax, Ola, and others.
While Tonetag announced this fundraise, it did not officially disclose the size of the investment.
In the press release, the company said that a key objective for Tonetag will be the development of what could become one of the world’s first edge AI-powered payment capable modules designed and engineered in India, for global deployment.
The technology can be deployed in point-of-sale terminals (for payment processing), smart TVs, smartphones, wearables, and emerging IoT form factors, paving the way for seamless, next-generation experiences, the company said in the note.
“With our proximity context protocol, we are laying the foundation for a new class of intelligent, payment-ready edge devices that can scale globally,” said Kumar Abhishek, founder, Tonetag.
Tonetag processes over 25 million transactions daily worth more than $3 billion a month, the company said. Its technology is protected by patents across multiple global jurisdictions and is designed to work with existing hardware such as speakers and microphones already embedded in devices.
This round comes a year after Tonetag said it had secured $78 million in a mix of primary and secondary capital from private equity fund ValueQuest, venture fund Iron Pillar, and Elevate Capital.
US-based Qualcomm Ventures is an investor in Indian startups like Bounce, MapMyIndia, Shadowfax, Ola, and others.
While Tonetag announced this fundraise, it did not officially disclose the size of the investment.
In the press release, the company said that a key objective for Tonetag will be the development of what could become one of the world’s first edge AI-powered payment capable modules designed and engineered in India, for global deployment.
The technology can be deployed in point-of-sale terminals (for payment processing), smart TVs, smartphones, wearables, and emerging IoT form factors, paving the way for seamless, next-generation experiences, the company said in the note.
“With our proximity context protocol, we are laying the foundation for a new class of intelligent, payment-ready edge devices that can scale globally,” said Kumar Abhishek, founder, Tonetag.
Tonetag processes over 25 million transactions daily worth more than $3 billion a month, the company said. Its technology is protected by patents across multiple global jurisdictions and is designed to work with existing hardware such as speakers and microphones already embedded in devices.
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