Scanbuy Completes Oversubscribed $12.5 Million Funding
New York-based Scanbuy, which makes mobile barcode technology, said in a statement that it had completed a $12.5 million funding round. Investors included Motorola Solutions Venture Capital and Hudson Ventures. Scanbuy markets ScanLife, a barcode-reading application for mobile devices. Scanbuy said the funding round was oversubscribed, a phenomenon the company attributes to a 1,600 percent increase in barcode scanning in 2010. The company’s growth plans include a recently announced partnership with Home Depot to use 2D barcodes to give customers fast access to information such as product ratings, manuals, and videos about specific products.