April 21, 2011, 11:23 AM

Scanbuy nets $5 million in financing

The mobile bar code firm says its mobile app resides on 35 million devices.

Kevin Woodward

Senior Editor

Lead Photo

The ScanLife mobile app enables consumers to scan bar codes and compare prices.

Scanbuy Inc., a mobile bar code technology company, says it raised $5 million in financing from Motorola Solutions Venture Capital, Hudson Ventures and other private investors.

The venture capital arm of Motorola Mobility and Hudson Ventures invested an undisclosed amount in Scanbuy last year.

Scanbuy provides the  ScanLife mobile app that lets consumers scan a bar code with a mobile phone camera to get more information about a product. Scanbuy says the ScanLife app resides on more than 35 million devices, more than eight times as many as in December when Scanbuy said the app had been downloaded 4 million times. The average active user completes three to five scans a month, Scanbuy says. Scanbuy did not say how many active ScanLife users there are.

The 2-D version of the app is available for phones running such mobile operating systems as Android, BlackBerry, iPhone, Symbian and Windows. The 1-D and 2-D version is available on Android, BlackBerry and iPhone devices.

A 1-D bar code is a horizontal set of vertical lines and numbers that identifies a specific product; a common 1-D bar code used in retail is the UPC, or Universal Product Code. 2-D bar codes are squares containing patterns that can hold much more information than a 1-D bar code and, when scanned, link a consumer to content such as customer reviews or a video. A common 2-D bar code is the QR, or Quick Response, code.

Scanbuy earns commissions on sales or clicks it delivers to a retailer through ScanLife.


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