ecoATM Raises $17M From Coinstar And Others For Electronics Recycling And Resale Kiosk System

EcoATM, a company that creates kiosks that automate the buy-back of used mobile phones and other used portable electronics directly from consumers, has raised $17 million in funding from Claremont Creek Ventures, Coinstar, TAO Ventures, PI Holdings, Moore Venture Partners, AKS Capital and Koh Boon Hwee. As you may know, Coinstar operates the change conversion kiosks and owns DVD kiosk service Redbox. The company previously raised $14.4 million from Coinstar, Claremont Creek Ventures, and others Here's how EcoATM works. The seller places their phone into the kiosk (the company says it will not damage the phone nor read/copy any personal data from the device). The kiosk then visually identifies the phone as best it can from a database of around 4,000 devices and uses visual recognition technology to determine if the device has been damaged, and also offers up a device-compatible cable connection which allows it to analyze whether or not the device boots.

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