AirVend, a Provo, UT-based startup developer of vending-machine-mounted, cashless touchscreen devices, raised $1.2m in seed funding.
The round was led by strategic vending industry partner 365 Retail Markets with participation from PS27 Ventures.
The company intends to use the funds to accelerate production of its devices.
Founded in April 2012 by CEO Chad Francis, and EVP of Business Development Lance Ellsworth, AirVend develops cashless touchscreen devices designed to help operators prepare for the coming law requiring vending machines to display calorie info. Its wirelessly connected device helps operators comply with impending regulations by providing a digital nutrition label of each product, remote inventory management, error reporting, and credit card and NFC payment options.