Nelson, BC-based SMRT1 Technologies LLC raised nearly half a million dollars through its seed round crowdfunding campaign that closed in July. Some 86 investors helped the unattended retail technology startup raise $484K.
SMRT1 said its technology makes vending machines smarter. It plans to use funds from the FrontFundr campaign to scale up sales and marketing efforts, as well as to secure intellectual property rights to provide a pathway to growth.
The company is also looking to expand its clientele in fresh food, having seen the need for smart vending software in this sector with the success of partner UpMeals, a Vancouver-based food technology company.
“This is a burgeoning opportunity for businesses in the fresh food sector and we look forward to using our software solution to open these markets to retailers in this industry,” said SMRT1 Technologies chief executive Terry Van Horn.
The company's technology enables advanced actions and activities on vending machines, ranging from advertising and analytics, to inventory control and secure transactions.
For partner UpMeals, SMRT1’s technology is used to remotely manage smart vending machines and track usage. And in conjunction with UpMeals’ proprietary software, SMRT1 enable can create custom-built menus, loyalty programs and discounts for meals approaching expiry.