Peppercoin, Inc. a micropayment technology company, has raised $4.25 million in its first institutional round of financing from POD Holding and private investors. The funding will be used to accelerate Peppercoin's product development and expand marketing programs. The funding brings the total raised to date to $5.9 million, which includes a seed round from private investors that was announced in February.
Peppercoin also announced the appointment of Robert Kiburz, formerly VP and General Manager of the Billing and Customer Care unit at Lucent Technologies, as President and CEO. New appointments to the Peppercoin Board of Directors include Johan Pontin and Peter S. Lawrence, managing director, both of POD Holding. Pontin is the founder of POD Holding, a private equity partnership with offices in Stockholm, Sweden and Boston, MA. They join Kiburz and Peppercoin's two founders, Professors Ronald L. Rivest and Silvio Micali, co-founders of the Cryptography and Information Security Group at the Massachusetts Institute of Technology's (MIT) Laboratory for Computer Science. Rivest is also a founder of RSA Security and VeriSign.
The Peppercoin Payment Service is designed to allow music companies, online game providers, newspaper and magazine publishers, and other digital content providers to sell low-priced online content profitably. Newspapers, magazines and other publishers will be able to add "newsstand" pricing for single-issue or article access, while game sites will be able to add pay-per-play pricing to their subscription models.