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Issue Date: Vol. 54, No. 1, January 2014, Posted On: 1/3/2014

AirVend Secures $1.2 Million Seed Funding To Ramp Up Touchscreen Production

Emily Jed
TAGS: AirVend funding, Air Vend, vending-machine-mounted cashless touchscreen devices, 365 Retail Markets, micro markets, vending machine calorie-labeling rules, vending machine technology, Lance Ellsworth

AirVending PROVO, UT – Technology startup AirVend has secured a $1.2 million round of funding to finance production of its vending-machine-mounted, cashless touchscreen devices.

The interactive AirVend system displays nutritional information, provides cashless options and sends real-time data and alerts wirelessly.

The Series Seed round was led by AirVend's vending industry partner 365 Retail Markets, a maker of micromarkets, and included PS27 Ventures, an investment firm focused on healthy living and wellness initiatives.

AirVend is promoting its solution as a way for operators to comply with mandatory machine calorie-labeling rules that the Food and Drug Administration expects to issue early this year.

"Being able to scale up operations and provide not just a solution for legal compliance [with calorie labeling requirements], but also vast improvements in sales and operational efficiency through the application of smart technology, is a tremendous opportunity for vending operators and us," said Air Vend cofounder Lance Ellsworth.

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