ecoATM, a San Diego, CA-based company that develops kiosks that buy-back and recycle consumer electronics, has raised $14.4m in Series A equity and debt financing.
The equity round was led by Coinstar Inc. and Claremont Creek Ventures while the venture debt is being provided by Silicon Valley Bank.
The company intends to use the funds to commercialize and launch its products.
In conjunction with the funding, Randy Hawks, managing director at Claremont Creek, and Gary Cohen, Senior Vice President, Marketing & Customer Experience at Redbox, a wholly owned subsidiary of Coinstar, Inc., will join ecoATM’s board.
ecoATM, which has also been awarded a Phase 1 grant by the National Science Foundation, has created an automated self-serve kiosk system that uses patented, advanced machine vision, electronic diagnostics, and artificial intelligence to evaluate and buy-back used electronics directly from consumers for cash or store credit.
Related News: ecoATM Receives Investment from Coinstar