VendScreen, Inc. announced it has closed a $17.8 million round of financing to take its 3G vending platform technology into broad commercialization. The financing was secured from two current investors: 3x5 Special Opportunity Fund and Merrickhanna Ventures.
"VendScreen is about bringing the power of technology and the cloud to the vending industry," said Tony Arnerich, chairman of the board and managing director of 3x5 Special Opportunity Fund, in a prepared statement. "As demonstrated by the size of our investment, we believe in VendScreen and the innovative technology they bring to the vending marketplace."
According to the release, VendScreen's remotely programmable touchscreens and user interface provides detail at the time of purchase not previously available in vending. This technology meets consumers' growing demand for new ways to interact with vending machines. The VendScreen technology enables vending machines to accept debit and credit card transactions and provide detailed product information, including complete nutritional and calorie information exceeding proposed federal mandates. The VendScreen platform will also provide a vehicle for advertising, and loyalty programs in the near future.
"We are pleased to have the opportunity to continue developing our industry leading SaaS platform," said John Archer, president and CEO of VendScreen. "This significant investment will enable VendScreen to scale quickly to meet increasing demand."
VendScreen devices are powered by 3G wireless technology for seamless over-the-air updates. They can be easily retrofitted onto most vending machines and are fully integrated with VendSys, MEI and Streamware.
