San Diego – ecoATM, the developer of an automated kiosk that
collects used consumer electronics, has raised $14.4 million in equity and debt
funding, from Coinstar, Claremont Creek Ventures and Silicon Valley Bank.
company also announced that it has received a grant from the National Science
Foundation, and a patent on its kiosk technology.
San Diego-based ecoATM has assembled a global network of buyers for
the used electronics it collects at its kiosks.
The company said in a trial its
kiosks have collected tens of thousands of devices, automatically identifying
them, calculating their value, and paying customers on the spot in cash or
various gift cards.
ecoATM said it plans to deploy 200 of its kiosks by the end
of the year.