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Atlanta-based AfterBOT Inc., which provides digital receipt technology to retailers, has received $3.1 million in its first round of institutional venture capital financing.
Atlanta-based AfterBOT Inc., which provides digital receipt technology to retailers, has received $3.1 million in its first round of institutional venture capital financing, the company reports.
Chrysalis Ventures led the investment, joined by River Cities Capital Funds of Cincinnati, Prosperitas Investment Partners LP of Louisville, KY, and e-RM Ventures, an Atlanta-based fund managed by CheckFree Corp. co-founder Mark Johnson.
AfterBOT is developing technology to create, sort and deliver digital receipts for consumers and business customers from purchases made through either offline or online. A digital receipt renders paper receipt information into an electronic format that a retailer can use to store and retrieve receipts and that consumers store in their computers for future reference.
Chrysalis principal Koleman Karleski said, "We have been impressed with the compelling value offered to customers, underpinned by cost reduction. AfterBOT’s digital receipt technology can dramatically change the way retailers and consumer goods manufacturers connect with their customers, particularly after the sale."
AfterBOT has an agreement to provide digital receipts for Smart & Final, a $2-billion-a-year supermarket chain primarily on the West Coast. AfterBOT expects to generate more than 30 million digital receipts a year for Smart & Final. Bob Graham, vice president of store technology, said, "Superior customer service is the cornerstone of Smart & Final`s success. AfterBOT`s innovative ReceiptsPlus solution will give our customers the ability to securely view their receipt details and related purchase information on our web site, a unique service that none of our competitors offer today."