By Joey Ferguson
PROVO — AirVend plans to make $20 million with its touch screen vending machine controls according to purchase orders and letters of intent received by the company.
The Provo-based company designs and distributes vending machine controls capable of displaying nutrition information, interacting with customers and provide live data to owners.
AirVend generates revenue when vending machine owners pay $295 per unit and a monthly fee of $14.95 per device.
“Our client is anyone who wants to put their wares into a box,” said Lance Ellsworth, c0-founder of AirVend, in a phone interview.
Companies who sell food and drink from machines are taking full advantage of AirVend’s product because nutritional information is displayed on the device, Ellsworth said.
AirVend is raising $500,000 in a “bridge” to future rounds. The company wants to eventually raise $1.5 million in a series A round.
“We’re lean startup guys, so we expect that will take us all the way up to profitability,” Ellsworth said.
Unattended retail is a $119 billion industry, and AirVend is part of the $45 billion vending segment, Ellsworth said. Other segments include kiosk and vending, which make up the rest of the unattended retail market.
“We’re on the radar of some of those companies already,” Ellsworth said. “We’re making sure we execute in vending and then build from there.”
AirVend customers are distributors, manufacturers and small business owners of vending machines, Ellsworth said. The company has plans for future upgrades to its software interface, including facial recognition.
“It’s all about continuing to stay ahead and keeping things fresh,” Ellsworth said. “We’re an innovative company.”
