Dallas Venture Partners, one of the newest venture capital firms in North Texas, announced today that it has made its first investment.
It led a round of funding in Richardson-based DeviceFidelity Inc., with strategic corporate investor Datacard Group in Minnesota and existing angel investors.
Matt Himelfarb, managing partner of Dallas Venture Partners, would not disclose the exact amount of the investment, but said it was more than $3 million.
Four-year-old DeviceFidelity develops contactless payment solutions for smartphones. In 2009, it received $3 million in funding from the Texas Emerging Technology Fund to commercialize its technology.
DeviceFidelity did not immediately return phone calls.
“The mobile payment space is massive and gets a lot of attention,” Himelfarb said. “There are so many companies approaching this problem that it’s hard to distinguish them.”
In contrast, DeviceFidelity’s technology and its partners make it stand out, he said.
“DeviceFidelity isn’t in the pilot stage,” Himelfarb said. “This is a company already in market.”
Dallas Venture Partners opened last fall to invest up to $3 million in seed and early stage technology companies in Texas and the Midwest. Himelfarb said he hopes to complete a couple more investments this year.
The deal also enables Datacard Group, which provides secure ID and card personalization solutions, to offer DeviceFidelity’s In2Pay suite of solutions to its customers.
Source: Sheryl Jean. “Dallas Venture Partners makes first invesment in Richardson company” bizbeatblog.dallasnews.com, Feb. 6, 2012. http://bizbeatblog.dallasnews.com/tag/matt-himelfarb/