Business News
3M Invests in motionID technologies AG
Monday 21. March 2011 - 3M, through its 3M New Ventures business, has invested in motionID technologies AG, a developer of an innovative ePayment system that enables vehicles to be automatically equipped with a payment function. Terms of the transaction were not disclosed.
Under the VIATAG trademark, motionIDs small radio-frequency tag, which is attached to the windshield, provides the vehicle with a contactless identification and payment function. The system is used in applications such as parking garages, where the barrier opens automatically and the parking fee is charged directly upon exiting. In addition, VIATAG can be used in many other cases, such as drive-thrus, gas stations and car-wash facilities. VIATAG allows the user to pay safely without having to walk to the check out or wait in line.
The primary advantage of this investment is that it will bring together 3Ms and motionIDs diverse and complementary technology portfolios. “With VIATAG, motionID has created an extremely innovative product for the interaction of vehicles and infrastructure,” said Stefan Gabriel, president of 3M New Ventures. “In the area of intelligent mobility, there are numerous applications where this technology can be applied in cooperation with 3M.”
For motionID, the involvement of 3M represents a milestone. “In 3M we have found the perfect partner for the impending roll-out and growth in new global markets,” said Christian Utz, CEO of motionID. “3M can facilitate market entry, not only by providing sales support, but also additional technological know-how without restricting our entrepreneurial freedom.”