San Diego’s EcoATM Raises $17M As It Builds Recycling Cash Machine
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much Koh invested. Koh is a former director of manufacturing and business development for Hewlett-Packard in Asia, and later became chairman of the Singapore Telecom Group and chairman of Singapore Airlines.
PI Holdings, Moore Venture Partners, and AKS Capital also joined in the new round with existing investors Claremont Creek Ventures, Coinstar, and Tao Venture Capital Partners.
EcoATM says it also was awarded a Small Business Innovation Research grant for as much as $1 million from the National Science Foundation. The company received a $180,000 grant last year to fund development of advanced technologies used in the network of EcoATM kiosks.
“We had multiple people chasing the deal,” says Randy Hawks, managing director of Oakland, CA-based Claremont Creek Ventures, who joined the board when EcoATM raised its previous $14.4 million round in early 2011. “We had more people wanting to participate than we had room for them.”
The new funding will be used to broaden the company’s business infrastructure in anticipation of a broader product roll-out, first regionally and then nationwide, Tullie says. The company has about 35 employees, and has used D&K Engineering, a private engineering services and contract manufacturing company in San Diego, to manufacture about 50 kiosks so far.