NeoMedia Technologies describes itself as “the global leader in camera-initiated transactions for mobile devices”. The company intends to capitalize on the numerous opportunities afforded it by NeoReader, a mobile barcode scanning application for the Apple iPhone. Now available in Apple’s App Store, the NeoReader application literally transforms the camera on a user’s iPhone into a barcode scanner, granting instant access to mobile marketing content and opening the door to a vast array of possibilities.
On Monday, August 4th, just days after news of the release hit the presses, NeoMedia announced that it had received a financing commitment from Yorkville Advisors (YA) Global Investments, LP, to the tune of $8.7 million. Newly appointed CEO Iain McCready will be expected to deliver on the achievement of certain milestones over the next two quarters.
The funding represents a golden opportunity for NeoMedia to accelerate its market strategy for the NeoReader system. Concerning the agreement Mr. McCready stated: “Obviously, we are pleased by Yorkville’s continued investment in our business. They have been supportive partners in NeoMedia’s efforts to establish a business system the world can embrace. The time is now for NeoMedia to leverage our strong intellectual property, technology solutions and industry expertise to mobilize this mobile barcode ecosystem.”
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