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.