ecoATM, a San Diego, Calif.-based developer of patent-pending, automated eCycling stations that that captures, tracks and recycles mobile devices, has received an investment of undisclosed amount from Coinstar, Inc. (Nasdaq: CSTR).
Founded in 2008, ecoATM currently has pilot kiosks in a limited number of markets and plans to expand in the United States and internationally over the next years.
ecoATM kiosks visually and electronically scan used devices such as mobile phones and iPod® devices, to establish their precise value and pay consumers on the spot. The collected devices are then either sold into worldwide secondary markets or responsibly recycled to reclaim the materials.
Coinstar provides automated retail solutions including the redbox® self-service DVD rental and Coinstar® self-service coin-counting brands. The company has approximately 26,900 DVD kiosks and 19,000 coin-counting kiosks in supermarkets, drug stores, mass merchants, financial institutions, convenience stores, and restaurants.