Based in San Diego, Calif., ecoATM (www.ecoatm.com) is the first company to create an automated self-serve kiosk system to buy back old phones, tablets or MP3 players for cash.
ecoATM uses patented, advanced machine vision, electronic diagnostics, and artificial intelligence to evaluate electronics. ecoATM’s eCycling stations provide a convenient trade-in solution that:
• Pays consumers immediately in cash.
• Connects consumers real-time to broad worldwide secondary markets ensuring best possible pricing.
• Incorporates features that validate sellers’ identities and deter the sale of stolen phones and works closely with local law enforcement.
The company secured $40 million in mezzanine debt financing from Falcon Investment Advisors LLC. ecoATM said it will use the new financing to continue expanding operations nationally.They currently have 300 kiosks in 20 states throughout the U.S., most in major malls within major cities.
“There’s still a large percentage of the country that doesn’t have access to a convenient recycling solution for their mobile phones and other personal portable electronic devices,” Tom Tullie, chairman and CEO of ecoATM, said in a statement. “We raised this money to help us deploy ecoATMs nationwide and help people recycle their old phones, tablets, or MP3 players, regardless of where they live.”
The company, founded in 2008, said they have paid out millions of dollars to users of their ecoATMs. The company repurposes most of the electronics they buy back in an effort to stop potentially hazardous devices from piling up in landfills.