Thursday, September 8, 2011

IP Commerce Finds Funding From Intel

Denver-based IP Commerce, which develops Internet e-commerce and payment systems as a platform-as-a-service (PaaS), has scored new funding, according to Intel Capital, the venture capital arm of Intel Corporation. Amount of the funding was not disclosed. According to Intel, IP Commerce was one of seven software firms to receive funding from the company, as part of $24M in investments it has recently made. Intel said IP Commerce's products are "aligned" with its compute continuum strategy, by allowing developers to embed payment functionality into applications running on connected devices. IP Commerce has previously raised funding from Appian Ventures, Iron Gate Capital, Meritage Private Equity Funds, Total Technology Ventures, and Venrock Associates. IP Commerce was founded by Alfred 'Chip' Kahn. More information »