ICN Closes Early Stage Venture Investment
New Canaan, CT--Intelligent Clearing Network is pleased to announce that it has closed a $1 million early stage venture capital investment that was led by Connecticut Innovations and included two additional new investors. Connecticut Innovations, of Rocky Hill, CT, is the state's quasi-public authority responsible for technology investing and innovation development.
ICN is a software-as-a-service (SaaS) company that electronically clears digital and paper coupons and other incentives through a single connection at the point of sale in grocery, drug and mass merchant retail stores. ICN's clearing network, based on patent pending technology, has the potential to replace today's decades-old, highly manual, convoluted and fraud-prone process. It is estimated that there are hundreds of millions of dollars a year in coupon fraud and misredemption with current technology and processes. ICN offers its customers--retailers and consumer packaged goods companies--an efficient, automated, real-time and secure coupon and incentive redemption and financial reconciliation process, with lower IT and processing costs.
"ICN is delighted to have Connecticut Innovations lead this investment round," said Gary Oakley, ICN CEO. "CI has a history of focusing on cutting-edge technologies and ICN welcomes their insight and perspective as we grow our business."
ICN also offers real-time information and data analytics that enable its customers to evaluate and adjust promotions that are in process.
“ICN’s innovative solution could set a new standard for the incentives industry, which has been in dire need of modernization,” said Peter Longo, president and executive director of CI. “With the upcoming June launch of the new, information-packed GS1 DataBar symbols in the coupon industry, the timing of ICN’s solution – couldn’t be better.”
Kevin Crowley, CI managing director of investments, joins ICN’s board of directors.
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Early Stage Partners Managing Directors Jim Petras and Jonathan Murray serve on the ICN board.