ecoATM Closes $17M Series B Funding
ecoATM, a San Diego-based start-up provider of kiosks that automate the buy-back of used mobile phones and other used portable electronics directly from consumers, has closed its $17m Series B funding round.
Backers include existing investors Claremont Creek Ventures, Coinstar, Inc. and TAO Ventures and new investors PI Holdings, Moore Venture Partners, AKS Capital and Singapore billionaire Koh Boon Hwee.
The company, which also received a Phase II grant for up to $1m from the National Science Foundation, intends to use the funding for mass commercialization and expansion of its presence to the rest of the US beyond California.
Led by Tom Tullie, Chairman and CEO, ecoATM 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.