• February 2, 2010

2D barcode technology company Scanbuy has raised $11.2 million in venture financing through a round led by Motorola Ventures, the strategic investment arm of Motorola, and including Masthead Venture Partners, Hudson Ventures and other private investors.

Scanbuy's barcode system allows mobile users with a camera phone to get product information, promotional offers and other content via 2D tags placed on product packaging, print ads and outdoor signage. Advertisers including Volkswagen, Discovery Communications and Sprint have utilized the New York-based startup in print, direct mail and outdoor marketing efforts.

Scanbuy says millions of mobile users globally have downloaded its ScanLife barcode reader on iPhones, BlackBerrys and Android devices among others. "Motorola has looked at this market very carefully and believes that Scanbuy has the best combination of technology and strong ecosystem partners in its space," said Reese Schroeder, managing director of Motorola Ventures, in a statement.

Competitors include companies like Jagtag, Baracoda and MTag. Scanbuy had previously raised about $21.5 million in financing. --Mark Walsh