PORTLAND, OR -- Tech startup VendScreen Inc. has closed a $17.8 million round of financing to take its 3G vending machine touchscreen into broad commercialization. The financing was secured from 3x5 Special Opportunity Fund and Merrickhanna Ventures, its two current investors.
VendScreen's remotely programmable touchscreen user interface enables vending machines to make debit and credit card transactions and provide detailed product information, including nutritional and calorie content. The platform can also serve as a vehicle for advertising and loyalty programs, features the company plans to offer in the near future.
VendScreen devices are powered by 3G wireless technology for over-the-air updates. They can be retrofitted into most vending machines and are fully integrated with VendSys, MEI and Streamware.
"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. "As demonstrated by the size of our investment, we believe in VendScreen and the innovative technology they bring to the vending marketplace."
VendScreen president and chief executive John Archer added, "This significant investment will enable VendScreen to scale quickly to meet increasing demand."
VendScreen got its first big boost from investors in early 2012 when the company announced that it had raised $12 million to fund the launch of its multifunction touchscreen user interface. | READ MORE